There’s quite nothing that says “long-haul” like taking out a mortgage. You’ll be making payments on your house for 15-30 years, which means once you’ve chosen a lender and gone ahead with the purchase, it’s impossible to back out.
That’s why before you make the decision, you have to make sure that you’re going ahead with reputable partner lenders. That’s the only way of making sure you’ll be treated fairly, and that no surprises are waiting for you down the line.
But today, that’s easier said than done.
And here’s the good news: that’s also why below, we’re going to outline some of the best tips you’ll find to help you find reputable partner lenders!
Finding Reputable Partner Lenders: The Only Tips You’ll Need
Get Your Finances in Order
The first step is to make sure that you’re in a financial position to make the purchase. That means you have to have a stable job and a sufficient income. If not, it’s unlikely that any of the more well-known reputable partner lenders will be willing to give you the money.
Choose a Kind of Mortgage or Loan
After that, it’s time to understand exactly what kind of mortgage or loan you need. This may seem like a small detail, but it’s very important. For instance, if you want to buy a house and live in it, then you’ll need a different type of loan than if you’re looking to flip something for a profit.
Research Different Lenders
Once you have an idea of what kind of mortgage or loan is best for your situation, the next step is to do some research on all the different lenders out there so that you can find reputable ones!
Compare Rates from Different Lenders
Once you’ve done some research on the different lenders in your area, it’s time to compare rates. You’ll want to do this with each lender so that you can find the one that offers the best deal.
This will give you a better idea of how much money the reputable partner lenders will charge for their services and how much interest they’ll be charging over time.
Get Pre-Approved (For a Mortgage!)
One of the final steps is to get pre-approved for a mortgage. This means that you’ll be able to get a loan for the amount of money you’re looking for, but it’s not yet final. You will need to submit all your paperwork and information to the lender so that they can review it and determine whether or not they want to approve your loan.
When you’re pre-approved, they’ll give you an estimate of how much money they think they’ll be able to lend you based on your income, job history, and other factors.
What If You Have a Bad Credit Score?
The first option, of course, is to try and repair your credit score. You can do this by taking out and paying off small loans over time. Or if you’re in a hurry, a no-credit-check lender can give you the loan you’re looking for.
The Takeaway
If you’re looking for a partner lender, the first thing you should do is find out if they are licensed by your state. A quick Google search will bring up their license information and allow you to verify this information through your state government’s website.
Next, check out how many complaints have been filed against them by customers. You can do this by searching on consumer complaint sites like BBB and Yelp!