What to Look for in Your Mortgage Lender

by Lili Patch 08/07/2019

Financing the purchase of a house from personal savings might mean a mighty long wait for the end of rent-paying. This reason is why most homeowners in the US today are using mortgages. If you want to buy a house and don't have enough in your savings account, you will want to hook up with a lender. But how do you know which lender to choose from the myriads out there? Here are some key pointers:

Interest rate

The interest rate should be the deal breaker when choosing a lender. Take time to compare the rates of as many lenders as you can. You will find several tools online that can help you do this quickly. Some mortgage companies will offer you a loan with a down payment of as little as 3% of the purchase price, but they make up for this with a higher interest rate.


With some lenders, you may have to wait months before your approval sees the light of day. Such lenders will typically require you to fill a plethora of forms when applying for your mortgage and support your application with a ton of documents. Many innovative lenders have come up with platforms that allow you to upload documents securely and complete the entire application process online.

Bad credit

For some lenders, especially traditional banks, a bad FICO score is an automatic "no". Others will still extend financing to you even if you have a credit rating below 600. However, perhaps you should keep in mind that such lenders will make up for the risk they're taking on with a higher interest rate.


You may have a referral to a lender from relatives or colleagues, but before you begin your application with them, do a bit of digging of your own. What reviews come up when you search on independent online sources? Consumers Advocate has a listing of top-rated lenders, as do many other referral sites. 

Customer service

How quickly does the lender respond to queries, and do they provide comprehensive feedback? If you would rather talk or meet your mortgage officer during the application process, is that option available? Some companies operate entirely online, with no brick-and-mortar presence. If you would rather have that personal touch, you could be better off with a traditional bank.

About the Author

Lili Patch

What people love most about Lili Patch is her easy communication with them and her ready availability. This is not surprising as she was a Communications Major in College and began her professional career as an on-air broadcaster for major radio stations and media groups. Her many successful years as a Realtor is due in part to this terrific background. She is an excellent listener and continuously negotiates the best possible outcome for her buyers and sellers. Lili’s passion to continuously learn and stay cutting edge is a driving force, which is evidenced in her ability to serve her client’s needs at the highest level. She has earned certifications as a Seller Representative Specialist (SRS), a Certified Home Marketing specialist (CHMS), and a Pricing Strategy Advisor (PSA). In her limited spare time, Lili enjoys running, cycling and her participation in book clubs and wine clubs.

Lili started her Real Estate career on the east coast, where she has licenses in 3 states..NH, ME, & MA. Moving on to the West Coast and getting her 4th license in CA, where she is currently enjoying the beauty of San Diego. She is humbled to be in a field that allows people to put so much trust in her, as she navigates a smooth journey on one of the largest purchases most will ever make.  Her major focus is to offer excellence and expertise to ensure a great real estate experience for her clients.