How to Choose the Best Mortgage Lender

When you’re investing in a real estate project, you need to trust that your mortgage lender will ensure the best rates and provide the best customer service. But how do you choose the right lender out of the many claiming to be the best? Follow these three tips to make an educated – and financially safe – decision.

Watch for Red Flags

It’s critical to be aware of red flags when choosing a lender. A mortgage loan company is a business, and not all businesses are trustworthy. Avoid falling victim to financial scams by ignoring unsolicited emails or spam-like internet ads promoting remarkable rates. If it sounds too good to be true, then it probably is. Look past the advertising veil of tempting offers and instead trust your own research. Find your mortgage lender instead of letting them find you.

Check Their Credibility

Before you enter into a contract with a lender, check their credibility. While the numbers may look good on paper, does the lender have the experience, training, and education necessary to complete their side of the deal? Do they have extensive experience with the specific type of loan you are looking to apply for? Do they have a reputation in the industry for closing successful deals, or are they known to backtrack on their promises?

To sum it up, get to know the lender before you decide to work with them. The more questions you ask, the more insight you’ll have into their capabilities. And the best lenders will be open to answering your questions and able to back up their credentials.

Research Reviews & Reputation

Reviews say a lot about customer service. Profit-minded lenders may not always tell the full truth in order to convince investors to strike a deal with them, and you can learn from others’ mistakes through researching reviews. Look for mentions of hidden or undisclosed fees, rates fluctuating from the promised value, mishandling of information, and unfortunate instances in which unclear language used by the lender led to misunderstandings on the investor’s side.

The best mortgage lenders focus on customer service – a glowing reputation will reflect that commitment. Positive signs include responding in a timely manner, reliably meeting deadlines, taking proactive measures, and clearly communicating to guarantee a mutual understanding. Also speak with other investors and real estate agents for further insight into the mortgage lenders you’re interested in working with.

Get in Touch with a Mortgage Lender Today

If you’re looking to speak with a private mortgage lender, then contact Noble Mortgage & Investments. Established in 2003 by CEO Darel Daik, a Residential Mortgage Loan Originator with more than two decades of experience in the real estate industry, Noble Mortgage & Investments has built a reputation in Texas as a premier mortgage lender with a dedicated team that values quality customer service. Research our reputation and reach out to us today – you won’t be disappointed.

Looking for even more information about choosing the best hard money lender? Erica Sobba, Noble Mortgage’s Executive Vice President, lists the top 10 things you need to consider before making your decision: