Assess Interest Rates

The first thing that you must focus on is the interest rate. The interest rate can make or break your monthly budget. Some mortgage lenders give you one rate and never look at the market again. However, interest rates tend to fluctuate a lot over a short period of time. Choose a mortgage lender that has the best interest rate, ideally the lowest one, but also one that offers you a refinance for free. 

Basically, what this means is that the lender will simply waive their underwriting and processing fee if rates don't get better in the future and you want to refinance with them. 

Find the Best Home Equity Lender

As you mentioned earlier, the interest rate that the mortgage lender offers can make or break your financial situation. With that said, we recommend that you opt for a home equity loan. The underlying reason is that a home equity loan comes with a fixed interest rate, which means that you won't have to worry about fluctuating interest rates.

You might want to get a home equity loan with AmeriSave and opt for set monthly payments over a specific period, which can be as long as twenty or more years. You can also use the home equity for any purpose, such as investments, improving your home, or sudden expenses.

Effective Communication

Even a great interest rate doesn't make a difference if you can't get hold of your mortgage lender. Suppose you have found a home that you absolutely love, but you cannot get hold of your lender. If you are in such a situation, you will have a hard time getting that pre-approval, which will further prevent you from making an offer. 

Communication is extremely important, which is why you must ask the lender about their availability. Ask them about their office hours. Ideally, you should have the ability to text the mortgage lender and call them. Buying a house is definitely the largest investment that most people ever make in their lifetime. With that said, you must make sure that the communication between you and the mortgage lender is smooth so that you can rerun some numbers before you make a decision.

A Transparent Price Plan

The last thing that anyone wants to deal with is a bunch of hidden fees right before the day of closing. Hidden fees that weren't there before can really disrupt your move-in plans. So, choose a mortgage lender that offers you a transparent price plan so that you know exactly the fees that you're paying for. Transparency is incredibly vital when you're shopping for a loan or mortgage provider. Together with your lender, you must go over a complete itemization, line by line, so you know every single item. 

Go over the loan fees and other aspects once you have your offer accepted.