Steps For Finding the Best Mortgage Lender

Buying a home can be a big step in your life, and for many home buyers, it's also a long-term monetary commitment. Because of this, you'll be working with a mortgage lender for as many as 30 years, if not more, and you'll want to find someone who you can trust. When you're ready to find the best real estate at the Lake of the Ozarks, you hire the best real estate agents at the Lake of the Ozarks - but you need a strong team, so you need to find the best mortgage lender as well.

Get Your Credit Score In Shape

While it has become a lot easier for buyers to find a lender to help them buy their home than it has in the past, there are still ma individuals who are not qualified to be approved. Having a low credit score can label you as risky, which could make it harder for you to get financing. You can shape up your credit by first looking over your credit score and making sure there aren't any errors or mistakes that could be harming your score. After that, you could start paying off some debt that has the highest interest rate to lower your overall debt to income ratio. These are all things you should discuss with your lender or even a financial advisor because any change in your account can make a huge impact.

Know Who You Can Borrow From

There are many different types of lenders you can borrow from, and in order to know what's best for your situation, you need to know what's available. Here are are a few of the different types of lenders you could choose from:

• Credit Unions - These are member-owned financial institutions and the often offer favorable interest rates to shareholders.
• Mortgage Bankers - Bankers who work for a specific financial institution and package loans for consideration by the bank's underwriters.
• Correspondent Lenders - These lenders are often local mortgage loan companies that have the resources to make your loan, but count on a pipeline of other lenders to sell your loan.
• Savings and Loans - This is a smaller financial institution, and they are often very community-oriented and worth seeking out.
• Mutual Savings Banks - This is a type of thrift institution, like savings and loans, mutual savings banks are locally focused and often competitive.

Compare Rates

There can be a lot of homework involved in this part, but it's important that you do your research and stay patient. With all of the lenders and banks, you have many options to choose from.

You can search for mortgage rates online to start, but keep in mind that the rate quote you see online is a starting point. Once you have several quotes in hand, compare the costs and decide which on makes the most financial sense for you.

Ask the Right Questions

When you choose a lender or broker, you can start by asking them the right questions. Here are a few important questions you can ask your lender:

• What is the best way to communicate with you - email, text, phone calls, or in person? How quickly do you respond?
• Do you have an estimated turn around time on your preapproval, appraisal, and closing?
• What fees will I be responsible for as the lender at closing?
• Do you waive these fees or will be rolled into my mortgage?
• What are your down payment requirements?

Buying a Lake of the Ozarks Home

Now that you know what steps you should take to get your mortgage secured, it's time to find your dream home. We have many different types of homes available on the market right now, from luxury lake homes, comfortable family homes in town, and quaint vacation homes when you need a second home. Visit our website to learn more about what we have available, how we can help you find your home and even a few recommended mortgage lenders in the area!


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2011 REALTOR Salesperson of the Year

Missouri Association of Realtors

Gattermeir Davidson Real Estate, LLC

752 Bagnell Dam Blvd., Suite A

Lake Ozark, MO 65049

Office | 573.365.1555

Fax | 573.365.1766