Death in the family, illness, loss of a job, or divorce can take a great toll on our daily lives and finances. If tragedy strikes and you are unable to afford your monthly mortgage payments and find yourself falling behind, you may be able to modify your home loan to catch up and avoid foreclosure.
How to Find a Kansas City Mortgage Lender
Finding a Kansas City mortgage lender isn’t just about getting the lowest interest rate for your loan. An experienced loan officer will find a financing plan that is right for you, so choosing the right representative is crucial. Ideally, your Kansas City mortgage lender should be knowledgeable, respectful, and experienced.
Knowledgeable About Their Industry
Loan programs and qualifying standards can vary from one lender to the next and shopping among many lenders can be a daunting task for any homebuyer. The constantly changing mortgage industry requires professional mortgage lenders to constantly be aware of any changes in their market.
Respectful Towards Their Clients
It’s imperative to find a Kansas City mortgage lender who allows you to explore your options rather than one who chooses an option for you. When they do make decisions, your lender should be willing to keep you informed throughout the entire process.
Other good Kansas City mortgage lender attributes include:
- Having a passion for their clients and business
- Providing exceptional service to you and your real estate agent
- Being upfront and honest about rates, loan programs, and closing times
Working with a lender who can provide straight answers will help you choose the best loan for your needs.
Experienced in their Field
A knowledgeable mortgage professional can help you set goals and secure a loan that is suited to your needs. A Kansas City loan officer who has experience in successfully completing the home buying process will give you more confidence in moving forward with your purchase.
Ask your potential Kansas City mortgage lender the following to gauge their level of experience:
- How long have you been in the mortgage industry?
- Do you know the current market trends for my desired location?
- Which loan programs do you offer?
- Are your services such as approval, processing, and underwriting performed locally?
- Could you estimate my closing costs?
- Can you estimate and explain your fees?
- Will you be able to provide a Good Faith Estimate right away?
- Are you positive everything will be done in time for my closing?
Never be afraid to know all your options before choosing a Kansas City mortgage lender. Do you have a friend or family member who has recently obtained a home mortgage? Ask them if they would recommend the person or company they used and how well they were treated. A few simple questions to ask your peers may give you some insight into the mortgage lenders they recommend:
- Were you able to understand all of your loan options? Did the lender clearly state everything needed for your particular loan?
- Do they offer many different types of mortgages, such as FHA loans or VA loans?
- Did they lock in the rate that was promised?
- Did they keep you informed and make you feel comfortable?
- Was the loan officer receptive and able to deal with problems quickly?
- Were there any hidden fees that were not disclosed in the original meeting?
Your real estate agent can also refer you to lenders he or she has worked with in the past. Make sure to ask your agent the same questions you would if it was your friend. Take their suggestions and research each lender online to get a better feel for other customers’ past experiences. By taking your time and paying close attention to the answers to these questions, you are sure to find the perfect mortgage lender for you.