Shopping for a Lender

A very important part of purchasing a home is finding the right lender. Listed below are some characteristics you should look for when choosing a lender. Also, things you should not do when choosing a lender.

Questions to ask while shopping for your lender....

How long have they been in existence ?

Can they provide at least 3 references from local real estate professionals?

If an out of state lender, are they licensed to close loans in nh or will they have to involve a third party to complete your loan?

Can the interest rate be locked in at the time of application?

Can they tell you up front who will handle the closing?

Will the closing company be located in nh?

Can they tell you who the local, state-licensed appraiser will be?

What not to do when shopping for your lender....

Do not call around asking for interest rate quotes...

Quoted rates over the phone are rarely locked prices. This is one way the lender gets you to come to his office. Rates can be subject to changes unless they are predetermined for a specific period of time. Interest rates can change daily. A quote you get today may not be available at the same price tomorrow.

The interest rate you are quoted over the phone may not be a program that will fit your needs or situation.