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Does your mortgage lender pass the test? 4 ways to pick a good one

choosing a mortgage lender
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You’re reading this on your computer, tablet, or smartphone, so it’s clear you’ve already discovered the wonderful convenience of technology. Most prospective homebuyers are well-aware that they can “window shop” for houses online. But did you know you can also “window shop” online for a mortgage lender?

Technology is on your side: Here’s how to use it

Fannie Mae’s 2014 report, Mortgage Shopping’s Digital Divide, covered this topic in detail. “The continued evolution of online technology tools,” the report stated, “is likely to allow customers to more easily find the right mortgage to suit their needs.” Yes, improved technology can help potential buyers to better assess and compare different mortgage lenders and loan options, based on rate, fees, risk, features, and service.

What does this mean for you as a borrower? Using technology to not only to buy a house, but to cross-check and compare mortgage lenders before you decide on a home loan, could lead to higher long-term satisfaction with your mortgage choice. Fannie Mae says so. As a note, we’ve created our free LoanFly app for just this purpose.

You can use our app to get prequalified for a loan, search for houses, and organize your loan docs, all in one place.

4 pro screening tips to make sure you’re working with the right lender

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You wouldn’t take medical advice from someone without medical training. And we wouldn’t expect you to settle for subpar advice about choosing a mortgage lender. We’ve been in the mortgage business for a long time — close to 30 years. Even after all this time, we’re still going strong. 2016 was a record-setting year for us at Cornerstone Home Lending: We provided home loan financing to 28,000 families. That comes out to an average of 112 families a day!

Want to know more about us? Here’s what our happy clients have to say about their Cornerstone experience.

From our decades spent helping people like you get into their dream homes, here’s what we’ve learned about choosing the right mortgage lender:

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1. Always shop around.

choosing a mortgage lender

With this one, you don’t even have to take our word for it. The Federal Trade Commission agrees that it’s wise to obtain quotes on multiple loan programs. When you use our LoanFly app, you can find out how much house you can afford and request a rate quote from your phone or another device.

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2. Check on their social media presence.

choosing a mortgage lender

The same way you’d Google-sleuth a new pediatrician for your kids or a new hairstylist, we encourage you to check out the social media presence of any mortgage lender you meet with. According to Fannie Mae, consumers believe social media plays at least a small role in their mortgage shopping. Read Facebook reviews. Look at what they’re talking about on Twitter. See if a lender’s online presence is customer-focused to make sure they’re a good match.

We’re keeping things fun, fresh, and informative on Instagram. Here’s where to find us.

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3. Ask your realtor what they think.

choosing a mortgage lender

There’s a symbiotic relationship between lender, realtor, and client. If you come to us first to get prequalified, as we recommend you do, we can refer you to a realtor we’ve successfully worked with in the past. You can also ask your realtor for a referral to a mortgage lender — or for their input on your top pick. Cross-checking referrals is one effective way to vet the lender you select.

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4. Look for a one-stop shop.

choosing a mortgage lender

The mortgage rates you are quoted by different lenders matter, and the “extras” matter too. We suggest seeking out a mortgage lender that “does it all” in-house. Providing access to hundreds of loan products nationwide, as well as in-house processing, underwriting, and funding, means a lender can help you get to closing day on time.

Fannie Mae reminds us that using all kinds of enhanced online tools could help you to become a better mortgage shopper and achieve a better mortgage outcome. So, start smart. Find out how much house you prequalify for and what mortgage rates you may be eligible for through our LoanFly app or online prequalification process.

For educational purposes only. Please contact your qualified professional for specific guidance.

Sources are deemed reliable but not guaranteed.