Making the move from renting to homeownership is an incredibly exciting step to take, but it can be a bit scary, too. Buying a home is a serious expense and a huge commitment – and if you live in an area like Denver, Colorado, where the supply of houses on the market simply can’t keep up with the growing demand, it can be almost impossible to purchase a home without running into at least one hiccup.
When you commit to buying your first house, one of the biggest decisions you’ll need to make is which mortgage lender to use. With so many options on the market, it can be incredibly difficult – if not downright impossible – to feel like you’re well-equipped to make that decision. However, by weighing a few key factors when making your choice, you’ll be in a better position to decide which lender is the right choice for you.
Here are some things you may want to consider when choosing a lender to facilitate your very first home purchase:
TIMING.
Anyone who has ever bought or sold a home knows how time-sensitive the process can be. Wait a day too long, and you can easily lose the house of your dreams to a buyer with a better offer or pre-arranged financing. Ask questions of potential lenders to understand how long the underwriting process will take. While some lenders may take weeks to complete this process, others – like Eave – make the underwriting process as quick and painless as possible. Eave can underwrite you in as little as one day, and they’ll provide you with a pre-approval letter to prove you mean business when you’re shopping around for your perfect home.
LEVEL OF CUSTOMER SERVICE.
When you’re making one of the biggest purchases of your life, it’s important to have someone on the other end of the line ready to answer your questions and ease your concerns. While many lenders outsource their support teams to massive third-party call centers, others (like Eave) keep the service in-house, staffed with local loan officers ready to help at every step of the way. It might sound like a small detail, but the comfort and convenience brought by this level of service can be the difference between closing on your new home and walking away from the deal.
TRANSPARENCY.
Some lenders are incredibly upfront with their fees and rates. Others will try to blindside you with hidden charges or last-minute changes to your predetermined rates. Choose a reliable, reputable lender who doesn’t leave you in the dark until it’s time to make a decision or sign paperwork. Spend some time browsing potential lenders’ websites to see how easy (or difficult) it is to find their rates, and ask questions to understand what you can expect throughout the process before committing.
PEACE OF MIND.
Many lenders offer no guarantee and make no promises when it comes to your mortgage. That should be a big red flag! Instead, look for a mortgage lender who will ensure your satisfaction with the process. With a guarantee to reimburse up to $100,000 of your earnest money if you don’t close on your new home successfully and on time, you’ll rest assured knowing you won’t lose out.
While there are dozens of factors to keep in mind as you consider a lender for your first home, evaluating your lenders based on these criteria can help you avoid questionable options and select a mortgage that’s right for you.
