Education is Essential

How To Choose a Mortgage Company

Applying for a mortgage is a big deal. You want the right people who understand your financial goals along your side. That is why Essential FCU is your home for all things mortgages. From our passionate and knowledgeable staff to the variety of services we offer, we continuously seek to add value to your home-buying experience. Here are four tips on how to choose a mortgage company in Baton Rouge.  How To Choose a Mortgage Company, Mortgage Company Baton rouge

Get Your Credit Score Ready

Before putting valuable time and effort into seeking a mortgage company, ensure that you are able to get a mortgage loan in the first place. There are certain credit and income criteria that mortgage companies need to know that you are able to pay back your loan. If want to know how to improve credit score or simply want more information, do not hesitate to call to speak with one of our friendly and knowledgeable representatives!  

Gather Information About the Options

It’s important to know the lending landscape when seeking the right mortgage lender for you. Some of the most common lenders that you’ll come across include:

  1. Credit Unions (such as Essential) – non-profit organizations that work to serve their members and offer favorable interest rates
  2. Mortgage bankers – bankers that work for a specific financial institution and package loans for consideration by the bank’s underwriters
  3. Correspondents lenders – Usually local mortgage loan companies that have the means to make your loan, but also rely on the financial backing of other lenders such as Wells Fargo and Chase
  4. Savings and loans – smaller, thrift institutions that are typically community centric
  5. Mutual savings banks – another type of thrift institution that are locally focused that is owned by its members who subscribe to a common fund

As you can see, there are many options in the field when it comes to choosing a mortgage lender. That is why it is critical to research your options and become informed when deciding how to choose a mortgage company.

Get Pre-approved

Getting a mortgage pre-approval is an important step to take before you start looking for houses. It could give you an advantage over other buyers who may be mutually interested in the house you want to buy. Most home buyers get pre-approved even before going to an open house, so if you want to stay competitive and appear financial prepared make sure to take this important step. Some basic items you will have to provide for a pre-approval include social security numbers, banking information, two-year tax returns, salary or employer information, etc. Contact us to speak to a representative about the advantages of getting pre-approved.   

Compare Rates

Based on what institution you deem best to acquire a mortgage loan from, you will need to compare rates with other similar institutions. While there are several resources for comparing rates online, it is important to remember that rate quotes that you find online are starting points, and the rate of course will be adjusted based on your credit card information. If you do choose a credit union as your mortgage lender, Essential offers many services to equip you with the information you need to confidently navigate the homebuying process.

Choose A Mortgage Company. Contact Us Today!

We are here to help wherever and whenever we can. Not only do we want you to be prepared, knowledgeable, and engaged during the homebuying process, but we want to ensure that you feel confident with your decision. Our passionate and experienced staff can provide you with information and support to give you the absolute best experience possible. If you are ready to begin one of the most exciting financial processes, contact us today. Feel free to call us at 225-353-8238 or email us. If you’re still wondering how to choose a mortgage company, we are here for you!