How to Find a Lender for a Home Loan. There are literally dozens of home mortgage lenders in virtually every locale. So how do you find the right lender for you? You have two basic options: you can hire someone (a mortgage broker) to find a lender for you, or you can take the do-it-yourself approach.
Things You'll Need
- Phone Books
- Sunday Newspapers
- Real Estate Agents
- Online Mortgage/finance Services
Look in the Sunday edition of a local newspaper for the selected interest rates of lenders in your area. This is not a complete listing, but it will include a variety of different lenders and will serve as a good starting point.
Look in your local phone book under 'Mortgages' for lenders approved for your area.
Call lenders and ask about their interest rates, points that might be required and other closing costs.
Ask about any low interest loans that may be available through local municipalities or the state.
Find out about the amount of a down payment that is required for a loan.
Ask how much the initial rate of an adjustable-rate mortgate (ARM) can go up in a single year (if you are considering an ARM), and the maximum it can be raised over the life of the loan.
Choose a lender based on who offers the best interest rate, who has the type of mortgage you are looking for and who is willing to work with you.