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How to Hire a Lender

With all the professional options available to buyers today, finding just a mortgage lender in Minnesota can feel like your own personal stint on The Bachelor. Which mortgage lender in Minnesota is your idea type? There are plenty of fish in the sea, so should you shop around? Do you really click with your loan officer? When you need financing to move into the home that is The One, a great relationship with your Minnesota mortgage lender is the key to beginning a successful buying adventure.Keep reading for a rundown of our secrets to finding your perfect mortgage lender in Minnesota.

First, you need to establish your type. You can choose between

Type #1: Traditional Bank

Traditional is considered a tradition for a reason: it has worked and continues to work for many. For this option, an FDIC-insured lender will connect you with an officer who receives a base salary potentially accompanied by a small commission to set you up.

Bonus Attractive Feature: Traditional banks may include discounts if you hold a savings or checking account with their bank

Type #2: Mortgage Bank

Mortgages are the one and only name of their game. These institutions can keep your mortgage or sell it, which means that if they sell the entire package, you could have to work with an entirely different company during the life of your loan.

Type #3: Mortgage Brokers

Mortgage brokers are like matchmakers. They are compensated through a yield spread premium, aka, a paid commission.

Bonus Attractive Feature: They’re not tied to any one bank, which means that their number one priority is to match you with the best possible bank to find the best possible mortgage lender in Minnesota for your needs.

Once you’ve assessed for your best choice for institution, we recommend that you explore your options. Great ways to find advice include…

  • Talking to your agent! Our job is to be in your corner and help you with every step of your real estate journey, and helping you find mortgage lender in Minnesota that is right for you is all part of our service
  • Get the lowdown from your friends, family, coworkers, and anyone else whose judgement you value. If they’ve purchased a home in the area, they most likely used a mortgage lender in Minnesota, and can tell you whether to make a move or make an exit with a lender
  • Skip the ads and go straight for the unbiased reviews. Searching for reviews online for potential lenders can give you insight into how they work with and serve their clients. Great lenders will often have good reviews from all kinds of buyers, showing that they know their field well and work effectively with different situations
  • Interview multiple lenders, and yes, they can all pull your credit score as long as all pulls are within a 14-day window. Gather quotes for interest rates, and sit down with your agent and do the math
  • Perhaps most importantly, make sure to ask how long their lender took with their mortgage, if they offered any discounts, did they present multiple options upfront, who would be their point of contact once the entire deal closed, and if there was any sort of penalty for mortgage prepayment

Finally, it all comes down to that spark. Do you feel like you can express your needs, limitations and desires to your lender? Are they someone that you could trust? Can they be frank with you while still making your borrowing process run as smoothly and painlessly as possible? At the end of the day, it’s important to trust your gut. If one lender rubs you the wrong way, you can always say “it’s not me, it’s you” and walk away, even if you’ve used their preapproval letter in your offer.

For more help on your hunt for a mortgage lender in Minnesota, contact The Antonov Group today!

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