Selecting and working with a mortgage lender is an important part of the home-buying process. Whether you are purchasing your first home or have been through the process before, here are some tips to help you navigate the process.

Finding a Mortgage Lender

A good place to start when selecting a mortgage lender is to talk to people you trust for recommendations.

Your real estate agent may be able to offer suggestions or recommendations. We know trusted lenders that we are confident in recommending to our clients.

Friends or family members who have been through the home-buying process are other sources for recommendations.

Another option is to speak with your personal bank or other local financial institutions to ask about their home mortgage offerings.

Selecting a Lender

Working with a home mortgage lender early in your home search process can help in several ways.

First, starting the lender selection process early can help you explore your options and choose the lender that is right for you.

Choosing a lender early in your home search can also help you determine how to plan your finances. Your lender can provide you with information to help you choose the type of home loan you want and discuss interest rates and other costs and fees.

Selecting a lender early can help streamline your home purchase process, too. No one wants to encounter any delays or setbacks when they find their perfect home.

Choosing a lender and getting started on your paperwork gives you time to gather all information that is needed. It also gives you extra time to review information and address any issues if they come up.

Preapproval Helps Strengthen Your Offer

Lenders can provide you with preapproval for your home mortgage. A preapproval letter is something that is expected to be included in your offer on a home. Most sellers will see that as an indication that you are well-qualified for the purchase.

While final mortgage approval is still needed, speaking with a potential lender about a preapproval letter may help you to get the home of your dreams.

Ask Questions…Then Ask More Questions

As you work with a lender, be certain to ask questions about costs, fees, and rates. A few items to be certain to ask your lender (or potential lender) include:

• Closing costs: Are there any and what are the costs or fees?
• Interest rates: What is the interest rate on your loan and how long will this rate last?
• Other costs and fees: Are there other costs or fees that could come up that you need to know about?

Don’t be afraid to ask questions! The Federal Trade Commission – Consumer Information offers a Mortgage Shopping Worksheet that you can print and take with you when speaking with a lender.

Navigating the Process

The O’Gorman Team can help you navigate the home-buying process. Our years of real estate experience in the Reston area have allowed us to work with many home buyers and sellers.

We pride ourselves in helping make the purchase or sale of your home as smooth and seamless as possible.