{"id":12016,"date":"2019-05-29T08:18:35","date_gmt":"2019-05-29T14:18:35","guid":{"rendered":"https:\/\/www.richmondamerican.com\/blog\/?p=12016"},"modified":"2025-05-12T13:11:05","modified_gmt":"2025-05-12T19:11:05","slug":"choosing-a-mortgage-company","status":"publish","type":"post","link":"https:\/\/www.richmondamerican.com\/blog\/choosing-a-mortgage-company\/","title":{"rendered":"Choosing a Mortgage Lender"},"content":{"rendered":"\n

Aside from finding a good real estate agent<\/a>, choosing a mortgage lender is a key step before actively hitting the market in search of a new home\u2014unless you\u2019re paying all cash, that is. Equipped with a mortgage loan preapproval, you\u2019ll have a much better chance of a streamlined experience when you contract on a home. Let\u2019s look at a few considerations when deciding which lender finances your next home purchase. <\/p>\n\n\n\n

Rate comparison<\/strong><\/h2>\n\n\n\n

Interest rates from different lenders can fluctuate slightly up or down from the national average. If you\u2019re shopping for, say, a 30-year fixed-rate FHA loan<\/a>, you might want to compare rates from various lenders to see where you\u2019ll get the best value. You can even pre-qualify<\/a> or pre-approve with multiple lenders for a better comparison, which will take your credit score and financial profile into account to home in on what loan amount you might qualify for. Bear in mind that comparing estimates from different lenders may lower your credit score.<\/p>\n\n\n\n

Note:\n<\/em><\/strong>Finding the lender with the lowest interest\nrate doesn\u2019t necessarily mean you\u2019re getting the best deal for your financial\ngoals and circumstances. If another lender offers a slightly higher interest\nrate but lower closing costs and a competitive APR, your break-even point on\nthe lowest interest rate might not happen until after you\u2019ve refinanced or\nmoved on to another home and another loan. There are many factors involved, so\nit can pay (literally) to do your research.<\/em><\/p>\n\n\n\n

Preferred lenders<\/strong><\/h2>\n\n\n\n

If you\u2019re building a new home, your homebuilder might partner with a preferred mortgage lender (ours is HomeAmerican Mortgage Corporation<\/a>) that operates within the same parent organization. Because these teams work hand-in-hand every day, using your builder\u2019s preferred lender could potentially expedite your closing process and get you into your new home faster. Moreover, some builders may offer attractive incentives for the use of their mortgage affiliate. That’s something to factor into your decision, but remember that you are ultimately free to choose whichever lender you’d like.<\/p>\n\n\n\n

Loan terms<\/strong><\/h2>\n\n\n\n

After doing the math<\/a> on your finances and lining the numbers up with your homeownership goals, you\u2019ll probably have a better idea of what kind of loan you\u2019re looking for\u2014in particular, what type of loan<\/a>, what loan term (e.g. 10-year, 15-year, 30-year), and whether your rate will be fixed or adjustable. Armed with that know-how, you\u2019ll be better able to choose a mortgage lender that suits your homebuying criteria and financial goals.<\/p>\n\n\n\n

We hope you found these tips for choosing a mortgage lender useful! <\/h3>\n\n\n\n

If you\u2019re interested in learning more about home loans, call 866.400.7126 to speak with a loan officer at HomeAmerican Mortgage Corporation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Aside from finding a good real estate agent, choosing a mortgage lender is a key step before actively hitting the market in search of a new home\u2014unless you\u2019re paying all cash, that is. Equipped with a mortgage loan preapproval, you\u2019ll have a much better chance of a streamlined experience when you contract on a home. […]<\/p>\n","protected":false},"author":1,"featured_media":12021,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"ub_ctt_via":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[4],"tags":[380],"featured_image_src":"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2019\/05\/Homeward_Mortgage052419-2.jpg","author_info":{"display_name":"rahblogadmin","author_link":"https:\/\/www.richmondamerican.com\/blog\/author\/rahblogadmin\/"},"yoast_head":"\r\nChoosing a Mortgage Lender - Richmond American Homes Blog<\/title>\r\n<meta name=\"description\" content=\"Do you need financing for your upcoming home purchase? 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