ABA: Here's how homebuyers choose a lender, loan
In light of June being labelled "American Housing Month," the American Bankers Association outlined a few variables on how to successfully navigate the mortgage market.
"Getting a loan and choosing the right lender is a critical, yet challenging part of buying a home," said Frank Keating, ABA president and CEO.
He added, "For many consumers, this is the largest purchase they will ever make. Homebuyers should spend time talking to their banker, researching their options, and comparing lenders so that they can find a mortgage that fits their financial situation."
The ABA began with the importance of a customer knowing their financial situation.
From there, borrowers should have their documents ready, review the basics, compare quotes, choose a trusted lender, read between the lines and ask questions.
When it comes to choosing a lender, consumers heavily look at recommendations.
"Get references from family and friends and do your research. Call your local Better Business Bureau and ask if it has had complaints about any of the lenders you are considering," the ABA stated.