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Selecting a home mortgage company comes down to a lot more than simply which offers the lowest rate. It’s about reliability, dependability, customer service and personalized treatment. To learn more about how to choose a home mortgage company that will give you the customer service you desire, keep reading.

One Client, One Officer

When looking for a home mortgage company, try to find a lender that provides you with one loan officer who will guide you through the entire mortgage application process.

Some lenders bat you around from employee to employee as you deal with everyone from underwriters to risk assessment professionals. Ideally, you want the personalized and customized service of having a single loan officer and contact person handling your loan application process.

Closing Guarantee

A good lending institution will offer what’s called a closing guarantee in some form. Most of the major national banks offer closing guarantees that commit their clients will obtain financing and close their deal within 30 days.

A fast and efficient close means you don’t have to be concerned about losing the purchase of your dream home because your financing didn’t come through in time.

Hours and Customer Service

Is your potential lender a large company with good hours, helpful telephone support and excellent customer service, or rather is your lender a small, fly-by-night operation with a home office and a single receptionist answering calls?

Look for a lender that has good hours, quality customer service and ongoing, helpful support. Remember, you’ll be dealing with this lender, or whoever they sell your loan to, for about 30 years. You need to get along well with them.

Low Closing Costs

A mortgage lender might woo you over with a .05% lower interest rate, but have you looked at the associated application fees and closing costs? Sometimes, a lower rate doesn’t always mean a better deal.

Ask a potential lender to provide you with a full breakdown of your proposed mortgage, including an amortization table that tells you how much you’ll pay in interest over the term of the loan. Then compare that with other lenders, alongside the total closing costs and application fees. Sometimes, that low-interest deal isn’t as great as you may have been led to believe.

Pre-Payment Penalties

Finally, before you sign with a lender, make sure you won’t be stuck with pre-payment penalties if you decide to make extra payments on the principal of your loan. If there are penalties, check to see if they have an expiry date.