When you apply for any property loan, one of the most difficult things you need to do is find a good lender. If you don’t have any recommendations, you will have to spend a good amount of time researching.
Here are few tips that can help you find a good lender whether you are applying for a home loan or a mortgage loan against property:
• The first tip is to decide whether you need a mortgage broker. A broker can help you save time because he/she will handling a large portion of the search process for you. Irrespective of the benefits of hiring a broker, make sure you find out from other homeowners about their experience in this regard
• Second tip is to decide what type of lender you would want. Are you are looking for a small lender or a large lending institution? People who prefer some level of personal customer service, opt for a small lender and some who care more about getting a good rate, opt for a large lender
• Third tip is to make sure that you are asking around for mortgage companies. Ask your friends and family if they know of a reliable mortgage company. Getting referrals will help you in making the process hassle-free and quick
• Fourth tip is to talk to your real estate agent because agents are also aware of good lenders in the market. There is no need to consider their option as the final choice; however, a little help will surely ease your burden
Make sure all details related to documentation, interest rates on mortgage, interest rate on overdraft facilities, fee, charges, tenure are clear. Ask as many questions as you can because it will help you get good rates.