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What Will A Mortgage Company Do for Me?

What Will A Mortgage Company Do for Me?


What Will A Mortgage Company Do for Me?

When you’re buying a house, there are many important decisions to be made. One of the biggest, and the one that ends up weighing heavily on your long-term finances, is which mortgage loan to choose. There are tons of options that require different down payments, different credit scores, and various interest rates. Wading through all this information and making the right choice can be simplified by working with an experienced mortgage company.

If you don’t understand what your mortgage company will do for you and why you need to select one carefully, read on.

Mortgage Lenders Hold Your Destiny

It’s a simple calculation: No money equals no house. That’s why it’s crucial to choose a lending partner who’s experienced in all the different loan programs and knows how to work with borrowers from all walks of life. If you end up with one that’s less than reputable, you could make a mistake during your process that ends up costing you big. For example, you could end up tied to a mortgage loan that’s too expensive for your budget, or you could lose the house you want altogether!

A Good Mortgage Company Reduces Your Stress

The homebuying process, especially if you’re a first-time homebuyer, can be tedious and stressful. Finding a home, negotiating with sellers, working with deadlines, and worrying about funding, inspections, and closing can be overwhelming. The right mortgage lender can minimize the stress of your entire mortgage loan. Telling you up front about the documentation you need to present, talking to you about the best loan, and following up on all your questions throughout the process can be assuring to you as you move through the journey. In addition, they can advise you on mortgage insurance, explain mortgage rates, payments, and closing costs.

Deciding On A Mortgage Company

The first thing to do when you’re choosing a mortgage company is ask your friends, family, and co-workers for referrals. Chances are good that one of them can offer some insightful information based on their own experiences.

The second thing to do is meet with more than one. See how they treat you, if they are knowledgeable, and what they recommend for your personal situation and finances. They shouldn’t try to put you into a one-size-fits-all loan program.

Finally, make a decision based on multiple factors. The referrals you received, the loan officer’s expertise, their customer service, and the overall rapport you felt with him or her. Buying a house can be a long process, and you shouldn’t work with anyone that makes you feel bothersome or uncomfortable.

Your mortgage company will be tasked with assisting you with what will possibly be the biggest purchase of your life. It’s vital that you take some time to understand what a lender will do for you, and then find one that will provide what you’ll need. Choosing the right lender can be the difference in a smooth, fast process and a stressful, complicated experience.

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Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:

  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020