Industry Partner Spotlight
Several players are involved in buying or selling a home. As your REALTOR®, we will guide you through every step of the process, but we rely on our industry partners to help us get the job done. We’d like to recognize Mortgage Lenders in our Industry Partner Spotlight.
What Does a Mortgage Lender Do?
Lenders assist buyers with the application procedures to qualify for a home loan. The lender will pre-qualify the buyer for the money they are financially qualified to borrow. In today’s market, buyers need to be prepared to show their pre-qualification letter when they make an offer to purchase.
How Do I Find a Mortgage Lender?
There are several ways to find a mortgage lender, but finding the right one matters most. Buyers can go online, go through a mortgage broker, or ask their local bank or credit union for a home loan. Most REALTORS® work with preferred lenders and can provide a list for you.
Is a Mortgage Lender a Bank?
It can be a bank, but it doesn’t have to be. Credit unions, non-bank lenders, and online companies have the ability to offer mortgage loans. There are many options to compare and consider. Finding the best option that fits your financial needs is the goal.
How Many Lenders Should I Contact?
A good rule of thumb is to apply with at least three. The rule of three allows you to get a solid idea of the bigger picture and find the best option for your financial situation.
What Questions Should I Ask?
- What type of loan do you qualify for? There are several types of loans. The loan you are eligible for will determine your down payment, the loan terms, financial qualifications, and more.
- What is the APR?
- Will rate locks be available? If so, what are the fees?
- Ask about mortgage insurance.
- Ask for a detailed estimate of your total expenses and additional fees over the life of the loan.
Is it Better to Go Through a Broker?
A Broker is not a lender. They collect your financial information, then shop and compare lenders on your behalf. Brokers make the selection process easier and smoother for homebuyers. They typically have a higher chance of finding the best options since they are familiar with the industry.
We’d like to recognize and thank the professionals that we work with:
- Chris Finley | Bay Equity
C: 775-846-3663 | E: [email protected] - Julie Millare | Summit Funding
C: (775) 815-8480 | E: [email protected] - Brian Urbani | Movement Mortgage
C: 775-813-2136 | E: [email protected] - Patrick Winchell | New American Funding
C: 775-230-5023 | E: [email protected]
If you have questions about the Reno-Sparks real estate market, financing, buying, or listing a home, contact the David Morris Group. We’re happy to be your guide. Give us a call at (775) 828-3292.
