Take Control of Your Mortgage Loan Shopping Experience

At Indigo Mortgage, we have talked more than once about recognizing less than reputable lending companies that like to use intimidation as well as other questionable methods when dealing with customers. 

We have also repeatedly spoken about the caution that should be taken when you are looking for a first or new mortgage lending company.

While warning you about the various methods some companies use to tack on hidden fees and other wallet-burning scams, we have always expressed that, when shopping around for a lender, the customer should take the tact of having complete control. 

When selecting a lender, do not be afraid to take control of a situation -- after all, in the end, it comes down to it being your choice.

Lender Shopping Tips

When shopping for a new lender, there are a few things to be cautious about. This is especially the case when dealing with a new company.

•  The first rule is to know your fees. Don’t listen to misleading ads promising lower rates or any other mumbo jumbo. Those sorts of things are blatantly false and here is why. It is impossible for a company to guarantee low interest rates without first conducting a check on the customer. This means that they would have needed to already know who you are and your credit score amongst other facts.
•  The second rule is to keep your eyes peeled for other fees. Should you wind up with an abnormally low interest rate, you probably aren’t just getting lucky. If It sounds too good to be true, it probably is. What typically happens in these situations is that the customer is charged a variety of hidden fees to offset the lower interest rate. Then, the customer will find themselves paying more than they would have in the first place. Sounds complicated -- well it really is not. Just remember to always ask about any fees or closing costs upfront as reputable companies will explain their procedures and will not try and go around your questions.
• The third rule is to research companies from the start. Know as much as you can before you even call to make an appointment and never deal with online only companies. In fact, it is best to deal locally as it is not only safer for you financially, but it is also a means of supporting your local economy.
• For more information, please feel free to contact our knowledgeable staff at Indigo Mortgage.