4 Things to follow to find a genuine mortgage lender
Though majority of the mortgage lenders operating at the market place are legitimate, but some of them are unethical too. Sometimes, news of illegitimate mortgage lenders comes to the limelight. If you get caught in the hands of an unethical mortgage lender, chances would be there that you may lose huge amount of money. Given this, it is of huge importance to locate a legitimate lender. Here we discuss about some ways to avoid an illegitimate lender and to find out a legitimate mortgage lender.
Recommendations by your friends and relatives
While choosing your mortgage lender, do not forget to ask your friends and the family members to recommend you a mortgage lender. They can recommend you a mortgage lender with whom they worked with successfully. This kind of recommendation or word of mouth advertising is a nice way to find a genuine mortgage lender. In fact, this is regarded as the most powerful and easy way to find out a genuine mortgage lender. However, you should not ask anyone to find out a legitimate mortgage lender. Ask only the persons who are very close to you for a recommendation.
License and certifications
The mortgage lender that you have picked must have proper license and certification. Though certification requirements vary across states, but it is mandatory in all the states that the mortgage lenders should have the relevant certifications. In order to find whether or not your mortgage lender has got the necessary certification, you can check the website of the National Mortgage Licensing System and Registry (NMLS). You can easily find the database of registered and licensed mortgage lenders in the website of the National Mortgage Licensing System and Registry. NMLS came into effect as per the guidelines of the Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) of 2008. As per the SAFE Act, all the mortgage lenders should hold proper license and certification. Again, as per the SAFE Act, all the mortgage lenders have to fulfill background checks and must pass education and testing requirements.
BBB status
A clean report from the Better Business Bureau and higher grade given by BBB is regarded very highly by the mortgage industry. All the negative things and complaints against a mortgage lender are reflected in the BBB report card. In other words, BBB report will give a true picture of the mortgage lender’s reputation. A mortgage lender with dubious records with BBB, must be avoided immediately.
Online research
Again, before selecting your mortgage lender, it is recommended that you must conduct thorough research. You can do so online also. For this purposes, different websites are also there which are indeed very useful to make a wise decision. Various independent reviews on mortgage lenders are also available online in order to arrive at a decision regarding the selection of a mortgage lender. You will also get the chance to ask mortgage questions in various online discussion forums. All these will help you make the best decision.
By following the above mentioned ways you can surely find a genuine mortgage lender.
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