The excitement that comes with searching for a new home in South Florida is sometimes overwhelming, as potential buyers scan the internet and other sources looking for the perfect new residence. After all, buying a home is one of the biggest commitments that a person will make in life, both personally and financially. Our readers who are in the process of making this decision will want to get it right. That is why it is so important to think about the financial aspects of this type of real estate transaction. And, for most people, that means it is time to think about what to look for in a mortgage lender.
For starters, many people may have heard two similar sounding terms: "mortgage broker" and "mortgage lender." These are similar, but different. A mortgage lender is an agent who works directly for the financial institution that will be offering the mortgage. A mortgage broker is a middleman, someone who connects potential borrowers with the right financial institution - and then steps away.
When looking at these types of options, most homebuyers will want to find someone who will be able to work with them through each step of the process. Many homebuyers, especially first-time homebuyers, will have many questions about the mortgage process. It can be important to find a lender who will take the time to help answer any questions or concerns that come up.
Even when potential homebuyers find the right financial institution for their mortgage, they may still have many other issues to address. Some issues won't be financial, they'll be legal. Knowing where to go to get the right type of help can make the difference in a successful real estate transaction.
Source: gobankingrates.com, "How to Find the Best Mortgage Lenders," Sabah Karimi, Feb. 4, 2017