6 Tips for Picking Your Lender

Getting a home loan can be confusing, but choosing the right lender can save you a lot of money. Lenders charge different prices and offer different deals. That’s why it’s smart to look around before choosing one.

Here are six simple tips to help you find a good lender:

1. ✅ Don’t go with the first lender you talk to

Different lenders will offer you different deals. Try to get loan offers from at least 3 to 5 lenders so you can compare and pick the best one.

2. 💡 Look at all kinds of lenders

You can get a loan from banks, credit unions, or mortgage companies. It’s a good idea to talk to different types to see who gives you the best offer.

3. 📅 Compare on the same day

Loan rates change all the time. If you compare offers on the same day, it’s easier to see which one is really better.

4. ⏳ Do all your loan shopping in one month

When lenders check your credit, it can affect your credit score. But if you apply with different lenders within 45 days, it usually only counts as one check.

5. 📉 Don’t just look at the interest rate

A loan with a low interest rate might still cost you more in the end. Look at everything, like:

• Loan fees
• Closing costs
• The total amount you’ll pay over time

Ask each lender to give you a full list of all costs.

6. ❓ Speak up if something’s not clear

If you don’t understand something, ask. Don’t be afraid to ask the lender to explain it in plain English. You can also talk to a housing counselor — they give free advice and can help you understand your choices.

Bottom Line: Take your time. Compare offers. Ask questions. Picking the right loan can save you thousands of dollars.