How to Choose a Great Upper Valley Mortgage Lender?

Choosing the right mortgage lender is crucial when purchasing a home in the Upper Valley. Here are several factors to consider when evaluating mortgage lenders:

1 0 Things to Consider in an Upper Valley Mortgage Lender:

Interest Rates

Compare interest rates from different lenders like Title Mortgage or Legacy Mortgage, both in Hanover, NH to find the most competitive option. Even a small difference in interest rates can have a significant impact on your monthly payments and overall loan cost.

Loan Options

Look for a local Upper Valley lender that offers a variety of loan programs to meet your specific needs, whether you’re interested in fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, VA loans, or other specialized products.

Fees and Closing Costs

In addition to interest rates, consider the fees and closing costs associated with the loan. These can include origination fees, application fees, appraisal fees, title insurance, and more. Compare these costs across different lenders to understand the total expense of obtaining the loan.

Customer Service

Evaluate the quality of customer service provided by the lender. Choose a lender like Rich Szollar at Title Mortgage or Jake Donovan at Legacy Mortgage that are responsive, communicative, and supportive throughout the mortgage application and approval process. Reading reviews and asking for recommendations from friends or real estate professionals can help gauge a lender’s customer service reputation.

Accessibility and Convenience

Consider how accessible and convenient the lender’s services are for you. Some lenders offer online applications and digital document submission, while others may require in-person meetings. Choose a lender whose processes align with your preferences and lifestyle.

Loan Approval Timeline

Ask about the lender’s average timeline for loan approval and closing. Depending on your specific circumstances and the lender’s efficiency, you may need a faster or more flexible approval process. In the Upper Valley, we generally see conventional loan processing and approval timelines anywhere from 30-60 days, with 45 being the average amount of time.

Lender Reputation and Stability

Research the lender’s reputation and financial stability. A well-established lender like Title Mortgage in Hanover with a strong track record of reliability and trustworthiness can provide peace of mind throughout the mortgage process.

Credit Requirements

Understand the lender’s credit score requirements and whether you meet them. Some lenders may have stricter credit criteria than others, so it’s essential to find one that is a good fit for your credit profile.

Prepayment Penalties

Check whether the lender imposes any penalties for paying off the loan early. Ideally, you want to choose a lender that offers flexibility in making extra payments or refinancing without incurring significant fees.

Local Expertise

This is crucial. If you’re purchasing a home in a specific area, consider working with a lender who has expertise and experience in that local market. Once again, I strongly recommend Rich Szollar at Title Mortgage or Jake Donovan at Legacy Mortgage for their deep knowledge of the local markets in Hanover, Lebanon, Hartford, and the rest of the Upper Valley. They may have valuable insights into regional housing trends, regulations, and other factors that could affect your mortgage.