How do I choose a mortgage lender?

Choosing a mortgage lender can be a daunting task, but it's important to select one that is trustworthy and experienced, offers competitive rates, fees, and terms, and provides good customer service. Here are some steps you can take to choose the right mortgage lender:

  1. Shop around: It's a good idea to get quotes from multiple lenders to compare rates, fees, discount points, terms, and non-lender fees. This will help you understand the different options available and make an informed decision. 
    1. CapCenter Tip: Lenders may disguise lower interest rates with discount points, fees, and non-lender fees, so CapCenter encourages you to look further than the APR, points, and lender fees. Our easy-to-use, advanced mortgage calculator shows typical industry fees and CapCenter fees for transparency.
    2. Check out our tips on how to compare loan estimates on YouTube.
  2. Check the lender's reputation: Research the lender's reputation by reading customer reviews or checking with the Better Business Bureau. Look for lenders that have a good track record of customer satisfaction.
    1. CapCenter's customer reviews
    2. CapCenter's BBB rating is A+ (as of January 12, 2023)
  3. Consider the lender's experience: Choose a lender that has experience in the type of loan you are looking for, whether it's a conventional loan, FHA loan, VA loan, or a USDA loan.
    1. CapCenter has been serving happy clients for over 25 years.
  4. Look at the fees: Compare the fees charged by different lenders. These may include origination fees, application fees, appraisal fees, and non-lender fees, among others. Keep in mind that a lender may be able to offer lower rates, but charge higher fees, which can end up costing you more in the long run.
    1. CapCenter specializes in no closing costs and low fee mortgages. We are able to offer zero or low closing costs for extremely competitive mortgage rates. When comparing other lenders with CapCenter, we recommend comparing the holistic home purchase or refinance costs including non-lender fees.
  5. Evaluate the customer service: Choose a lender that offers good customer service and is responsive to your needs. It's important to select a lender that you feel comfortable communicating with and that you trust.
    1. CapCenter's client relations team are licensed representatives that work alongside our mortgage, realty, and insurance professionals. Our teams are reachable via phone, email, and web chat during business hours with quick response times.
  6. Check for additional services: Some lenders offer additional services like credit counseling or mortgage refinancing, which can be beneficial if you plan on keeping your mortgage for a long time or if you need to refinance in the future.
    1. CapCenter is looking to make clients for life. We offer mortgage, realty, and insurance services and enjoy engaging with our clients through events such as CapCenter's pie day.

Remember that a mortgage is a big commitment and it's important to choose a lender that you can trust, who will work with you to find the best loan product that fits your needs.

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