Most all of us will need to finance our home purchase. A very important part of purchasing a home is finding the right lender for you. Here we present some characteristics which you should look for when choosing and evaluating a lender.

Remember that not only is the lender going to require a pre-qualification process from you before authorizing a mortgage loan - but also that this is a two-way street, and that you will be evaluating the lender to determine if they are the best source for your business. There are also a few things you should be aware of concerning lenders, and we tell you what to look out for.

Questions you should ask or consider when shopping for a lender:

• What is his/her reputation within the community?
• Approximately how many loans do they close each year?
• Is the company well known in the area and in the real estate community?
• How long has the company been in business?
• Does the lender have access to a wide variety of loan packages?
• Can the interest rates be locked in, and for how long?

A few things to be aware of when shopping for a lender:

• Quoted rates over the phone are rarely locked-in prices. This is one way the lender gets you to come to his office. Rates can be subject to changes unless they are predetermined for a specific period of time.
• Interest rates can (and often will) change daily. A quote you get today may not be available to you at the same price tomorrow.
• Is the company well known in the area and in the real estate community?
• The interest rate you are quoted over the phone may not be a program that will fit your needs or situation.
• Many lenders will discount their posted rates for well qualified customers.