It takes some work to separate the good mortgage companies in Shelby Township, Michigan from the ones that aren’t worth your time. At Gem Home Loans, we truly believe we’re the best choice. But we’re biased, of course. We realize you’re probably still shopping around to find the best fit. Here are a few tips that will hopefully make finding the right mortgage company a little bit easier.
It can actually be a lot harder than you might think to figure out which mortgage company is right for you. But if you follow these tips, you might just find that the process goes faster than you might have thought possible.
Dealing with a mortgage company will be a lot easier if you improve your credit score – if improvement is needed, of course. We realize this isn’t an overnight process, but the higher the score, the better the chances you’ll have of getting a great loan. When a person’s score is low, that tells lenders you’re a significant risk. That will make most of them too scared to approve you.
The best thing you can do to increase your score is to make sure to submit all of your payments on time. This is really going to be important, because most lenders won’t look at you seriously unless you have a score of at least 580.
Check your credit report to make sure it’s accurate. If it’s not, dispute the mistakes. That could have a substantial, positive impact on your score. If you can pay off your higher-interest debt first, such as credit card balances and loans, that will really help boost your score.
Suppose your credit is good enough so that you can get just about any loan you want. If that’s the case, congratulations are definitely in order – you’re one of the few who can say that. So, now you want to make sure you get the best loan.
It won’t take long to see what interest rates different lenders are offering. But that doesn’t mean that’s the rate you’re going to get – you can negotiate. Let Gem Home Loans do the negotiating for you. We have relationships with dozens of lenders, and these lenders offer hundreds of different loan programs. We’ll negotiate with them on your behalf and find you the very best deal.
You should never do business with a mortgage company that makes you feel uneasy. Unfortunately, many homebuyers can feel intimidated, and wind up choosing a bad loan in the process. Don’t hesitate to ask hard questions of the companies you’re considering. Find out whether or not they offer personalized service, or if they’ll simply pass you around from broker to broker. Find out what fees you’ll have to pay, such as loan origination, application and closing fees. Also, ask them what kinds of commission fees they charge.
Once you’re about to close a loan, take a long, hard look at any documents you receive. Look for specific terms, who has to pay closing costs, and what will be included with the home, and what the former owners will take with them.
Let the experts with Gem Home Loans show you what separates us from other mortgage companies in Shelby Township Michigan. You can reach us online or call (248) 780-1030.