Tips For Working With Lenders

Here are just a few tips that should be considered when working with lenders:

• Get recommendations: Ask friends and family members for suggestions, especially if they've recently obtained a loan.
• Check credentials: Mortgage bankers are regulated by either your state's department of banking or division of real estate. Check with the one appropriate to your state to see if a Lender is in good professional standing. Mortgage brokers may be state regulated or not. If not, check with the local chapter of the National Association of Mortgage Brokers or the Better Business Bureau to see if their record is clean. The Library of Congress has a good Index of state and local government websites.
• Do your homework: Learn about typical mortgages and ask questions if something looks wrong; a Broker may be trying to pad Closing costs or other fees at your expense.
• Take care online: There are plenty of attractive deals online, but first make sure you're dealing with a reliable broker or lender.
• Extra care during peak season: Dishonest lenders and brokers are much quicker to quote you bogus rates or slip in extra costs during peak home buying season, in hopes you won't notice.

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