Buying a property or perhaps looking into purchasing a new home can become an expensive ordeal. Taking out a loan or new mortgage for the first time will perhaps be the biggest and one of the most important loans many first-time buyers will endure. Because this is such a big loan, choosing the right bank or property lender that offers great interest rates, flexible repayment options, and budget-friendly opportunities aren’t always as simple as you’d expect.
Today, there is a wide variety of banks and lenders to choose from, and even more now than ever – first-time lenders can choose between online and traditional-bank lending options. Below we looked at some of the most popular and biggest property lenders currently available in the U.S. and why it’s a good idea to choose them.
Tips to Remember When Taking Out a Home Loan or Mortgage
Before we take a look at some of the biggest property lenders, there are some things you need to consider and remember when taking out a loan for the first time. One of the biggest things you’ll need to consider is having a positive and reputable credit score. This will enable you to receive a loan easier, and without any hassles.
Ensure you plan your decision and your lending period, this will also help maintain a positive credit score. Additionally, consider where you’ll be buying your new house or property – as certain financial institutions, depending on the state legislature, will inspect not only your finances but in many cases will first review the purchase which you will be making. Finally, it’s good to be well-informed about investment opportunities, and how to invest in homes and property. This will give you a better understanding of how the real estate market works and what you can expect from your lender.
Quicken Loans
For years, Quicken Loans has become the most reputable and most trusted mortgage lender in the U.S. Quicken Loans is one of the largest in the U.S., with over 500,000 approved loans. The company has also seen massive success with its easy and hassle-free online application process that automatically connects with your bank once you have uploaded the necessary documents.
New American Funding
For those who struggle with poor credit and having difficulty getting their credit score up, New American Funding can assist in this area. The company has a thorough reviewing process and requests that applicants have at least a credit score of 580. Once you have built a positive credit score, you can refinance your mortgage for a lower interest rate.
Citi Mortgage
If you find yourself struggling to save enough money to ensure you’ll be able to make down payments on your loan or mortgage – Citi Bank’s HomeRun program can be a good choice. More so, the HomeRun program is a great choice for individuals or families who don’t have a high-income, with down payments starting from as low as 3%.
SoFi
Sofi isn’t just a student loan institution anymore, with the company expanding its loaning opportunities. SoFi offers great fixed mortgage rates, and lenders can choose between anything from 10- to 30-years. The application process is relatively quick and simple, and once you have been approved; you can easily choose your loan.
PennyMac
If you’re a member of the military, then PennyMac makes it a lot easier and more affordable to take out a home loan. For military personnel, there’s a good chance you will receive an almost 0% mortgage down payment rate – which can be beneficial in the long run.
Chase Bank
Chase Bank offers a plethora of services and boasts of great customer service. Additionally, the bank also makes space for home and mortgage loans, with a more traditional approach. Chase Bank has seen a positive return on customer satisfaction and mortgage options, with consultants willing to assist with client needs, queries and offering advice for first-time lenders.
Choosing the right property lender, or mortgage lender isn’t an easy task and there are multiple considerations one needs to take beforehand. Finally, it’s good to know that whatever your lending needs – there’s a well-equipped financial institution ready to help you.