If you’re ready to purchase or refinance a home, finding the right lender is one of the most essential steps in the process. Experienced lenders will work with you to identify and secure the loan that meets your individual requirements.
Before reaching out to a mortgage lender, it is essential that your financial profile is in order and that you can get pre-approved for a home loan. Doing so will give you peace of mind during the beginning stages of your home purchasing journey.
Your credit score is an important factor when calculating the interest rate you’ll receive on a mortgage. Additionally, it’s wise to assess your debt-to-income ratio and other elements to guarantee you can afford the monthly payments associated with taking out a new loan.
Before selecting the lender that’s best suited for you, it’s wise to shop around and compare rates. Doing this can help prevent paying more than necessary or accruing too much interest over the course of your loan.
Zillow’s search feature can help you locate many mortgage lenders near you by bank name, city and state for brokers who operate locally.
Some lenders offer programs tailored towards homebuyers, such as a homeowner education course or assistance with down payments. These can be especially beneficial if you’re a first-time buyer or have been turned down by traditional mortgage lenders.
Homebuyers have two primary loan options: conventional and government-insured (FHA). Both provide flexibility with regards to down payment amounts and debt-to-income ratios.
FHA loans require a lower down payment than conventional loans and may be suitable for buyers with less-than-perfect credit scores. Since down payment requirements can differ by state, it’s essential to research your local market before selecting which lender best meets your needs.
The USDA loan is another great option for homebuyers looking to purchase rural property. This loan requires no down payment and is specifically tailored for those living in rural areas or areas with low homeownership rates.
This lender provides a range of mortgage options, such as conventional, FHA, VA and jumbo loans. To be eligible for one of these loans, applicants must have at least 620 credit score and meet certain income and asset criteria.
PNC Bank is a nationwide mortgage lender with customers in 29 states. They provide both online and in-person application processes for mortgage loans, as well as various special loan programs. Furthermore, PNC Bank’s services include payment management, escrow management and home equity solutions.
It’s essential to be aware that lenders can charge fees for their services, such as underwriting or processing your application. These costs could add up to hundreds of dollars, so it’s wise to factor them into your budget before applying for a loan.
Zillow’s mortgage marketplace can help you locate lenders who meet your home-buying needs. These may include retail mortgage bankers, portfolio lenders or consumer direct lenders.