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5 Pitfalls To Avoid When Looking for the Best Mortgage Lenders

Feb 13, 2023
young woman researching mortgage lenders on her laptop

If you are thinking about buying a new home, this is (or should be) an exciting time for you! But as you know, buying a home is also a big decision, so it's important to get the decision right. Part of that decision is choosing the right mortgage lender.

Unfortunately, there are a lot of common mistakes homebuyers make when searching for a lender. Understand these common pitfalls so you can make sure to avoid them.


1. Selecting a Mortgage Lender from the Internet

There are numerous websites that advertise loans online. They typically advertise how easy it is to find and close a mortgage. They could even post a litany of positive reviews. But many of these online mortgage lenders do not have someone available if something goes wrong in the process. There is nothing wrong with looking for a mortgage online. However, it is a good idea to find someone locally who will look out for all aspects of your home-buying process, ensuring nothing goes wrong. CCCU has local lenders who are ready to help you on your journey.


2. Working with an Inexperienced Loan Officer

Another common mistake potential homebuyers make is working with an inexperienced loan officer. If your loan officer lacks experience, they may be less familiar with the local area and will likely have trouble navigating any roadblocks that arise during the loan process. It is important to work with an experienced lender who knows your local area.

At CCCU, our mortgage team is knowledgeable and ready to help you find your dream home. Our lack of hidden fees and straightforward application process makes it easy to take the next step in your home-buying journey.


man shaking hands with his new mortgage lender


3. Relying on a Corporate Firm

While there is nothing wrong with shopping around and looking at what bigger banks have to offer, they are unlikely to know the intricacies of your market. Real estate is a local business and markets vary widely from place to place. A large corporation is not going to be able to provide you with the insight you need to make a good decision when you are looking for a new home. For this reason, it is a good idea to rely on an experienced, local lender.


4. Starting the Process Late

Even though the most exciting part of buying a new home is looking at the options, you need to start the process of finding a lender as early as possible. If you can get pre-approved for a mortgage, you will be more competitive when placing an offer on your dream home. Our local lenders can guide you through every step of the process and get you one step closer to owning your dream home.


5. Focusing Solely on the Interest Rate

Yes, the interest rate on your potential mortgage is important; however, this is not the only factor that is involved when you are looking for a loan. Do not be driven solely by interest rates and, instead, focus on the right house for your needs. If you take the time to work with a local lender who can help you find the right house, the loan process will take care of itself.


Take Your Time When Looking for the Best Mortgage Lenders

Buying a house is a big decision, and you should take the time to get this right. When you work with the best mortgage lenders in the local area, you are investing not only in your house but in your future as well.

CCCU is here to help find a mortgage solution to fit your needs. Apply online or visit any of our branch locations, contact our mortgage team, or give us a call at 503.963.6666.