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How to Find a Mortgage and Lender to Fit Your Needs

Key takeaway

You have a lot of options when it comes to choosing a lender and mortgage that is right for you. This quiz may help you identify the factors — emotional or logistical — that may be the most important to you when it’s time to choose your lender.



When you find the right lender and loan to fit your unique needs, you may feel more confident that buying a home is the right financial decision for you. Finding what’s right for you, however, often means thinking beyond just the numbers.

Your mortgage consultant can help explain your mortgage choices and help you choose a loan that fits your needs.

To begin to think about that right fit, here are a few questions to answer.

Finding the mortgage and lender to fit you
Finding the mortgage and lender to fit you

How quickly do you want to pay off your mortgage?

With a fixed-rate mortgage, you can pay off your mortgage quicker by making extra payments or paying more than the minimum toward the principal, if your budget allows it. And if you choose a shorter loan period, your monthly payments are typically higher, but you may pay off your loan sooner and may get a lower interest rate.

Many homebuyers choose a mortgage with the longest repayment period available because it spreads payments over a longer time frame. This can help make your monthly payments lower. You can still make extra payments or pay more than your minimum payment to repay your loan off sooner, if your budget allows it.

Question 1 of 5
Finding the mortgage and lender to fit you

How are you feeling about how much you’ve saved for a down payment?

Don’t worry. Some loans have low- or even no-down-payment options. And, you may qualify for down-payment assistance. Your decision should be based on your unique financial situation. Just remember, a down payment of less than 20% may require mortgage insurance, which may increase the cost of the loan and your monthly payments.

Having that money available may open up several opportunities when it comes to your mortgage. What’s most important is that your decision is based on what is right for you. Keep in mind, some loans have low- or even no-down-payment options. So money you saved for your down payment might be available for another use.

Question 2 of 5
Finding the mortgage and lender to fit you

Can you adjust your budget if your monthly mortgage payment changes?

The factor that influences your monthly payment the most is the interest rate on your mortgage. With a fixed-rate mortgage, your interest rate is guaranteed to stay the same for the entire period of the mortgage. But your payment may also include your homeowners insurance and taxes, which may fluctuate over time.

With an adjustable-rate mortgage (ARM), your interest rate may become higher or lower after an introductory period, or stay the same, depending on factors like inflation, the bond and housing markets, etc. Your monthly payment may also include your homeowners insurance and taxes, which may fluctuate over time.

Question 3 of 5
Finding the mortgage and lender to fit you

Are you comfortable providing information electronically and working online?

Advances in technology have made applying for a mortgage more convenient than ever. As you talk to potential lenders, ask about whether you can track the progress of your loan application online or submit paperwork using digital tools. A lender with more technology-based options may make the mortgage process more convenient for you.

Even in this digital time, many mortgage lenders are happy to meet with you in person to answer your questions and help you with paperwork. As you look for potential mortgage lenders, you may want to ask about their locations and hours of operation.

Question 4 of 5
Finding the mortgage and lender to fit you

Do you like working with your current bank?

Start the home-lending conversation with your own bank. Having multiple accounts with one company may help you understand your overall financial health better.

And, some financial institutions may offer discounts for having multiple accounts with them.

Comparing different lenders helps you understand their similarities and differences. The annual percentage rate (APR) — the cost to borrow money as a yearly percentage — is a good way to compare mortgage rates offered by different lenders. Be sure your mortgage lender is registered with the Nationwide Multistate Licensing System and Registry.

Question 5 of 5
Finding the mortgage and lender to fit you

If you’re thinking about these questions, you’re already making a great choice as you navigate the homebuying process.

You’re choosing to learn. Your next step may be to talk to a mortgage consultant, who can help answer any questions you may have.

Keep focused on what’s most important to you on the road to picking your lender, your loan, and your home.


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