Choosing a New York mortgage lender is a critical part of moving. You may think that all lenders are the same, but that couldn’t be further from the truth. While many offer the same types of loans, their experience, expertise and reputation can vary drastically.
Experience
Dive into a lender’s history. Ideally you want to work with someone who has been in business for a long time and has established themselves as mortgage experts in the industry. Though a younger lender isn’t automatically a bad choice, it would be comforting to know that the New York mortgage lender you choose has been guiding people through the entire mortgage process for decades, keeping up with the times even while the housing market and technology are constantly evolving.
Expertise
How much expertise does your lender have? Good mortgage loan originators never stop learning about the industry. New York mortgage lenders who employ people with that steady drive and constant curiosity can easily prove that they are an authoritative force in their field.
When you have access to such knowledgeable people, they’ll not only walk you through each step, but they’ll be able to divulge other important information along the way that can help you qualify for a loan sooner rather than later. They'll fill you in on what can affect your credit score and possibly prohibit you from getting pre-approved.
Just think of your lender as a living, breathing encyclopedia at your disposal. You won't have to be burdened with learning everything there is to know about the mortgage industry, which is never-ending by the way, you can simply turn to your lender for answers to your questions and get good advice.
Reputation
Thanks to the internet, you don’t have to know someone who used the same New York mortgage lender you're considering to find out if the company is all it’s cracked up to be. Check out various review websites, such as Yelp, as well as the Better Business Bureaus. You'll get a good idea of what other New Yorkers’ experiences were like working with that particular lender or mortgage loan originator.
You shouldn’t base your opinion just on a couple of reviews, but if many are out there, take some time to check out what people have to say. If none of the reviews is positive, you may want to look elsewhere.
Compare and Contrast
One main point that can't be stressed enough: Just because you contact a New York mortgage lender doesn’t mean you’re obligated to work with them. In fact, do yourself a favor and seek information from several lenders, so you can compare notes and pick the one that is offering you the best rates, superior customer service and expert guidance.
