Source: Total Mortgage —
When you are house hunting, choosing the right mortgage lender can be just as important as finding your dream home. While some aspects of the home buying process are standard, there are nuances surrounding mortgage products and the terms that accompany them, so choosing the right mortgage lender to help you navigate this terrain is critical.
With several different types of mortgage lenders available, it helps to narrow down the field so that you can find one that best suits your needs. If you have been asking yourself how to choose a mortgage lender, keep reading because we will answer that question and more in this article.
How to Prepare Before Choosing a Mortgage Lender
Before approaching any mortgage lender, you can take steps to prepare for the homebuying journey. Even prior to seeking pre-approval status from a mortgage lender, you’ll want to ensure that you are financially ready for this major investment.
Some of the steps you can take include:
- Know your credit score. A good rule of thumb is to find out your credit score several months before attempting to choose a mortgage lender. For example, a conventional mortgage will require you to have a credit score of at least 620. Determine if your score needs improvement; the stronger your score, the better your mortgage terms will be. To improve your score, pay down any credit card balances, make payments in a timely fashion, and refrain from triggering any inquiries on your credit report by applying for more credit.
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