Buying a Home in Mt. Washington? Choosing the Right Mortgage Lender

Choosing a mortgage lender requires research and time and should not be decided based on low rates.

 

You’ve decided you want to live amongst the windy roads of Mt. Washington in Northeast Los Angeles. While Mt. Washington may be an old neighborhood with small bungalows dating back to 1920, that doesn’t mean they’re cheap. Homes in Mt. Washington have become hot, hot, hot as far as the market goes. Even if you’re a first time buyer, in order to afford a home in 90065, you’re going to want to engage a mortgage lender that is trustworthy, experienced and has your best interests at heart.

 

Home loan rates have risen with inflation throughout the 21^st century. Without the proper amount of research and time, loan programs can successfully nail you with layer after layer of trouble: high interest, endless fees and, ultimately, a crippling debt that can lead to the loss of your home.

 

It isn’t an uncommon practice to ask your Mt. Washington real estate agent to make a recommendation. Realtors can be a great source of information about lenders they know to be honest and who have performed exceptional work for their real estate clients in the past. Still, that doesn’t mean you should not perform your due diligence on which mortgage lender can be right for you and your unique situation.

 

When you are choosing a mortgage lender, consider these ten key points to put you on the right track.

 

1.      Find out if your mortgage lender is high-end by asking if they have had any state disciplinary proceedings. The amount of proceedings they have will indicate their level of experience and the past companies they have been employed by.

2.      Ask your friends and family about their relationships with their mortgage lenders. If someone you trust speaks highly of their lender, it may be worth it to give them an interview.

3.      Reference the National Mortgage Licensing System & Registry (NMLS) to check documentation on any mortgage lender in the USA for free. This will decrease the possibility of you getting scammed.

4.      Verify the validity of your lender’s mortgage license by contacting the Department of Insurance, Securities, and Banking (DISB).

5.      Check the NMLS to ensure that your mortgage lender’s license is active and existing. Any lender that is not found in the NMLS is most likely a fraud and a money scam.

6.      Be proactive and find a lender who has a license within all three jurisdictions. If you choose a lender licensed in one jurisdiction, but find a house in another, you will have to redo the loan process from the beginning.

7.      Research the DISB to see if your lender has any complaints filed against them.

8.      Ask your lender about their education in mortgage lending. The highest form of education would be a CPA (Certified Public Accountant) or MBA (Master of Business Administration) credential.

9.      It is easiest to find a mortgage lender who is local. He or she will be able to connect you with local experts who can process, approve and close your loan.

10.   If you cannot afford professional help, seek counseling through a nonprofit legal aid organization.

 

Buying a home, especially your first, can be a fun and exciting experience but make no mistake: It is serious business, especially when it comes to choosing the right mortgage lender to fund the loan for your Mt. Washington home.