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5: Make Your Housing Plan — Own

What To Look For in a Lender

Loan approved cash coinsEarly in the process of looking for a home, you will want to find a lender you can trust. Getting preapproved for a loan will make your bid to buy a home much more attractive.

A trustworthy lender also can help you:

  • Determine how much you are qualified to borrow (remember, this is probably above what you actually will want to borrow).
  • Identify the right kind of mortgage for you, your lifestyle and your income projections.
  • Determine if you need to improve your credit profile or if you have items in your credit report that hurt your overall score.

And, just like comparison shopping for a major appliance or car, you will want to compare lenders. Some have products and rates that can be more advantageous to your needs. 

SAM tips
Ask for Credentials

Not all lenders are the same. Make sure your mortgage lender is licensed and registered at the state or federal level. Ask for credentials related to training and licensing.

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