The wrong mortgage lender can drain you dry of your financial wellness. This is an important source to get right! Before you commit to a mortgage lender, make sure you have compared rates, verified identities, and take measures to strengthen your personal credit score.

Compare Rates

Each mortgage lender will vary in their established or expected interest rates. Keep in mind that the lowest rate out there may still not be the best deal in the long run—you will need to determine a goal for the amount of time you intend to pay off your entire mortgage loan to ensure that you aren’t paying a (even low) rate for a long amount of time, which will add up that interest more than you may expect. Make sure you understand any and all requirements of these lenders so that you can pick the rate that works best for your circumstances (i.e., the rate that will cost you the least overall!)

Verify Their Identity

Don’t allow yourself to be caught in a scam or an insecure deal that may leave you in serious financial trouble. As you explore your mortgage lender options, research individual organizations and their reputations. Look into reviews, articles that support, disclaim, or warn against certain businesses, and make sure they have the required licensure to actually do business in your state. Mortgage lenders must be licensed to do business in their state. Without the proper licensing, the lender may not be held responsible for any mistakes or mishaps that take place with your money, meaning you are less protected.

Strengthen Your Credit

Your credit score is one of the most important elements of qualifying for a home loan that you can truly afford and handle. In order to boost your credit score, try using credit for your large purchases and paying them off immediately using your saved funds. Keep in mind that spending should be done wisely and with awareness of your savings. Spending credit you cannot afford to cover immediately will not improve your credit score as you want it to. Paying off big loans and debts will also bring your score significantly higher. Once you have this strong credit score, you will be able to establish the best mortgage loan expectations before you even look into the lenders that provide them! The confidence of what you deserve, what you qualify for, will be a strength to you when lenders approach you with deals.

Get the mortgage loan that is best for you through the lender who will treat you right! Know their rates and reputations, and be personally prepared with the proper requirements, and you will be on your way to the mortgage you need.

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