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It is impossible to obtain a mortgage without a Raleigh mortgage lender. One of the most common mistakes of first time homebuyers is that they do not shop around and compare the services offered by several Raleigh mortgage lenders. The most important thing to realize is that lenders are competing against each other. They will not all quote you at the same interest rate. Choosing the Raleigh mortgage lender that offers you the lowest rate can save you hundreds of dollars a month on your monthly mortgage payment.
While the Internet has made it a lot easier to find a Raleigh mortgage lender, it has also made it easier for scam artists to take advantage of honest people. Beware of some companies that only operate online and do not have physical offices in the Raleigh area. It can be very difficult to work with lenders purely online and they may also try to quote you a very high interest rate.
When searching for a reputable Raleigh mortgage lender, it is a good idea to get recommendations from friends and family in the Raleigh area that have used specific lenders in the past. If your friend was treated fairly and received the best rate possible from a particular lender, then chances are you will too.
After obtaining the names and numbers of several reputable Raleigh mortgage lenders you should call and make an appointment with each of them. You should bring with you to each of your appointments a recent copy of your credit report, names and addresses of previous employers, a copy of your last two W-2’s or tax returns, and your last two pay stubs. If you are self-employed and do not receive pay stubs then you will need to bring copies of your last two bank statements.
By coming prepared to each appointment you will ensure obtaining an accurate quote and the pre-approval process will run much quicker. This will also allow you to find the best possible Raleigh mortgage lender for your needs.