When asked what stresses them out the most about the home buying process, many buyers say "financing". Saving up for a downpayment and gaining approval from a mortgage lender can be nerve-wracking. Finding the right mortgage loan can be equally exasperating. Interest rates. Fees. Timeframes. So many things to think about! How do you choose a mortgage loan for your Havasu home that works best for you?
Where to Find a Mortgage Loan
The first place many Havasu home buyers turn to for a mortgage loan is their own bank. Whether that's a big establishment like Wells Fargo or your local credit union, it's a natural place to start. With commercial banks (Wells Fargo, B of A, etc), mortgage loans aren't their main business. If you're a member of the credit union, you might have better luck. You have an established relationship with them. And they are less likely to sell your loan to another mortgage company.
Savings & Loan
Savings and loan companies, on the other hand, deal primarily with real estate loans. It can also be a little easier than to obtain a mortgage loan through a savings and loan organization rather than a commercial business.
Approximately one-quarter of every US real estate loan originates with a mortgage broker. They match borrowers up with lenders to find a good "fit" for a mortgage loan. They tend to work with several lenders at one time. So, instead of you spending countless hours searching for the best mortgage loan, they do the work for you. They operate in brick and mortar shops as well as online.
We live in the digital age. So, it makes sense that lenders would utilize this technology to do business. But, buyer beware. Scammers thrive on the internet. TheBalance.com named Quicken Loans and SoFi as two of their 10 Best Mortgage Lenders of 2019. SoFi ranked best for online mortgage companies and Quicken Loans was named best overall. Make sure you only use reputable online lenders to avoid falling victim to a scam. Skip the companies you haven't heard of and that make "too good to be true" offers.
Finally, you might want to turn to a private source for your mortgage loan. With enough money in the bank, individuals can fund a mortgage loan. Be cautious, though. You want to make sure that they comply with all state and federal regulations. This shouldn't necessarily be the first place you look for a mortgage loan. But it could be an option when other methods fail.