Tips For Selecting The Right Lender And
Managing Your Loan Application

  • Before shopping for a lender, know your credit score and how much you wish to spend on a monthly mortgage payment. If your credit score is above 680, you should qualify for an “A” paper mortgage. Scores in the range of 620-680 will still allow you to negotiate for a good rate.
  • Consider talking with at least two lenders. Lenders highly recommended by friends and/or family are a good source, as well as lenders professionally affiliated with organizations like CMLA and the Better Business Bureau.
  • Compare Good Faith Estimates. Specifically, review the estimated closing costs each lender has provided.
  • Understand any fees that must be paid up front. Understand the terms for locking in an interest rate.
  • During the application, check periodically with the lender to monitor progress.
If you are purchasing a home:
  • Understand your real estate contract and deadline dates for the loan commitment, appraisal, inspection, and closing.
  • Discuss locking in an interest rate; inquire about any fees.
  • Know what your seller is providing towards closing costs, if any.
  • Review your HUD Settlement document within 24 hours of closing to ensure that any fees and other issues are addressed prior to the actual closing.

If you are refinancing your current mortgage:
  • Review your appraisal prior to closing to ensure the value isn't too high compared to other properties.
  • Know that you have a three-day rescission period after the closing to review your closing documents and to decide if you wish to keep the loan or to turn it down. If the lender “promises” to change some items on the closing documents, make sure any changes are done in writing prior to the end of the rescission period.
  • Review your HUD Settlement document within 24 hours of the closing. Make sure that all financial terms of the mortgage agreed upon are posted on the settlement document along with other closing documents.

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