BBB: finding the mortgage lender that's right for you

Posted at 9:49 AM, Jun 14, 2021
and last updated 2021-06-14 11:49:14-04

IDAHO — It's no secret: the Treasure Valley housing market is hotter than it's ever been before.

Many potential homebuyers will start their search by trying to pin down the best mortgage lender for their situation. If you're looking to settle down in the area or even to refinance your current home, there are a few things to know before you start.

Rebecca Barr with the Better Business Bureau says to take the time to shop around, compare prices, and even negotiate deals that could end up saving you thousands of dollars.

"The first thing you should know is how much you can budget each month so if you know that information before you start shopping around for a lender, it's good to have that so you can start to negotiate," says Barr. "The next thing you really want to have an understanding of is the loan options out there. Know the terms of the loans, interest rates, and loan type so when you're shopping around, you know exactly what might fit you better."

Finally, Barr suggests considering a broker versus a lender. Brokers compare loan options on your behalf whereas a lender loans money directly to you.

Once you have your information ready, shop around for a lender to get a general idea of how much a loan will cost. That can also help you weed out offers that seem too good to be true. Be aware of unsolicited calls and emails that offer great rates on a mortgage or a "no-cost" loan.

If you need help connecting with a reputable mortgage lender, you can always use the BBB business directory here.