Life is a journey filled with things and people we choose to share it with, and even though every life is unique, at some point, we all need to make similar choices and decisions. We know that we need to go to school, yet college is optional, but a preferred way for many, and afterward, embracing living on our own, is in 9 out of 10 situations, the next obvious step. But all these things are only a warmup as those moments that really are special, and that really counts we are yet to experience as they are right ahead of us. Finding that special someone and starting a family is the most important thing of all, and even though some prefer to live alone, when we look at our lives, we all have important persons that make our life happy.
Build a house, plant a tree, grow a child
We all know the saying “Build a house, plant a tree, grow a child,” and, as you can see, it all starts with a house. Now, of course, buying or building a home of your dream is, in most situations, a joint decision, the one you will make with your significant other. Nevertheless, this moment in our lives is one of the most significant as it is a stepping stone for everything else that matters. In order to buy a house, one first needs to gather some money, don’t they?
When this time comes, taking a mortgage is an option that you will most likely go with, as it is a pretty common thing to do today. Since there are so many possible lenders, this decision should be an easy one, but that variety of choices doesn’t necessarily grant that every single lender out there is a reliable one, on the contrary. That is why many have trouble deciding on which lender to go with, so if you are one of them, worry no more as this article will help you determine whether the mortgage lender is good or not.
Payment history is important
Your payment history is the first thing any reliable lender will ask you about, as payment history will not only influence how much money you can get but whether you can get a mortgage in the first place. Once they check your payment history, they will see if you have enough money in your bank account and if you pay all the bills, including the loan installments, on time. When it comes to bad mortgage lenders, they will search for risky clients who will not pay the loan on time because, in that case, they will get more money from expensive penalties and fees.
Good advertising is everything in this modern time, and that is the reason why there are too many ways to be seen and show the world our products. Many companies are targeting the audience via emails and phone calls, and many of them are advertising their product in person, from door to door, but when it comes to mortgage lenders, this type of advertising should be suspicious.
In most cases, reliable mortgage loan companies use online advertising and the power of mass media, and that is enough to attract new clients, so there is no need to knock at people’s doors. That means that if you receive the offer via email or phone, it is the best option to avoid it no matter how good it sounds because it is probably a scam. Many of these offers require payment in advance, and if you agree, it is most likely that you will lose our money.
Check the physical address
Although we can do almost everything online without leaving our homes, we still need to check the physical address of the company we want to hire, the store we are buying from, or the mortgage lender from who we want to take a loan. The physical address is a good sign that the company is legitimate, but we need to be careful and check if the provided address really exists. We can check it on some online maps, or even better, visit the location if we are close enough to do that. Fraudulent companies usually do not have the physical address, or they give us the one that does not exist, so if you are in that situation, it is safer to find a new lender.
Secure websites and necessary registrations
We are all searching online for everything we need, which is a great thing during the pandemic. In that way, we can finish many important tasks without physical contact and avoid spreading the infection. Unfortunately, many internet frauds are aware of that, and they are searching for new ways to get money from innocent people. We need to check the website of the mortgage lender and make sure it is safe and secure. After we make sure that everything is alright with the website, the next important thing to check is if the lender is registered in our state. If they have a list of states where they can operate, but our state is not on that list, then we need to check with our attorney or another institution in charge of it.
The bottom line
Before making any decision, do your homework, as it is the most fundamental thing to do. It all gets even more emphasized when it is about money and about a place where we plan to spend the rest of our days with those we hold dear. That is why consulting experts in this field can never harm, and for those who want even more info on this topic, visit landmarkmortgagecapital.com, as they will provide a detailed explanation about the top 10 questions to ask your mortgage lender. One can never be too safe, and there is no such thing as doing too much research. In the end, the bigger the decision, the more things are there to check.