You’ve got a lot riding on your home financing.

Whether you’re a first-time or returning customer, buying or refinancing, you will need to choose a mortgage company through which you will obtain your mortgage. A quick search on Google will return hundreds of results for mortgage companies in your area, wherever that may be.

Some mortgage companies serve customers in many states, even on a nationwide scale. Some are local or regional to your location, and some are even based entirely on the internet. With all the options available, it can be hard to separate the wheat from the chaff. When it comes to a large financial decision like a loan, you don’t want to leave anything up to chance. You want to do your due diligence to make sure you’re using the best lender and therefore, getting the best service. So how do you decide which company to use? In a word, research!

Online Reviews

Thanks to the internet, you not only have hundreds of options for mortgage companies at your fingertips, but you also have access to reviews from prior customers who have utilized a company’s services before and are recording their experience for other potential customers. In addition to reviews, many websites include a star-rating system which allows you to get a small idea of a company’s quality based on the number of stars (a star scale usually grades companies from one to five). You should, however, still read through reviews when researching mortgage companies and keep an eye out for a few key qualities that are most desirable in a lender. Here are a few of the qualities you will want from your lender, and that you should keep in mind as you search:

• • Are they reliable and dependable?
    Whether buying or refinancing, you want to use a lender you feel you can trust. Though it’s difficult to know for certain what your experience with a lender may be before you work with them, seeing what kind of experience other customers have had with that particular company will give you a better idea of which lender you should use. Were the majority of reviewers satisfied with the service they received, or did they feel misled? If the consensus does not land in the company’s favor, keep looking.
  • Are they consistently meeting closing times?
    Closing on time is the goal of any lender. Of course, sometimes things come up that cause a closing date to be pushed back, but a good lender takes strides to minimize these occurrences. When reading through reviews of mortgage companies, pay attention to notes concerning closing. While there will be instances of closing dates needing to be moved, if a company has a disproportionate amount of complaints concerning missed closing dates, consider going with a different lender.
  • Do they provide clear and timely communication?
    From the time your application is taken through the date your loan is funded, you will want to know what the status of your loan is. Occasionally, additional items will be needed from you in order to help the loan move forward (this is called meeting a condition). Ideally, a loan officer or the team he works with will communicate with you frequently through every step of the loan process, and if you have questions or concerns, they should be available to help you. As you research online reviews, see what people say about a particular company. Were they able to reach their loan officer when they had questions? Did they feel informed during the mortgage process, or passed over? If reviewers conclude that a lender was hard to reach, they may not be the lender for you. Find one who will respond to you quickly and thoroughly.

Customer Service

Choose a lender that will work around the clock for you! Work with a lender that treats this lifetime decision as if it were their own and one that will take calls on holidays and weekends to put you at ease when you have a burning question you need to be answered. At the end of the process, you want a lender that remains a staple in your everyday life, one you would trust enough to refer all of your family and friends to! How many people can say they made a long-time friend out of purchasing a new home? With the right lender, you will never have to look elsewhere.

Again, it’s so important that you do your research to make sure you are working with a quality company who will give you a good product and a hassle-free experience. While searching for a lender can be tedious work, it is worth it for the peace of mind, knowing you’ve decided on the best possible company for your lender.

If you’re ready to explore your homeownership options, Contact a Southern Trust Loan Officer. We’ll put you on the right path to meet your home ownership goals.

There’s no place like home for the holidays!

How would you like to buy a home for Christmas? Sounds impossible, doesn’t it? It’s actually completely doable, and easier than you think. While not the most popular time to purchase a new home, the winter holiday season is a great time of year to buy. There are lots of advantages to buying at this time of year that are specific to the winter months. Here, we have some tips for buying during the Christmas, Hanukkah, and holiday season.

Tip 1. Don’t incur new debts!

When you apply for a mortgage to buy a home, your credit and any existing debt you have will be examined and considered by a loan underwriter. While you don’t have to have zero debt to get a mortgage, you should be paying your debt down consistently in order to be in the best financial standing possible for the sake of your loan. Buying a home during a season popular for gift-giving can put an additional strain on your finances, but that strain can be offset with good planning and stringent budgeting. It may be tempting to pay for seasonal purchases with a credit card, but ultimately it is not advisable as this will show up as debt. While you are in the process of buying a home, avoid making other large purchases (like buying a car or new furniture), use cash or debit cards as often as possible, and avoid touching your savings account; that’s good advice when buying a home, no matter the season!

Tip 2. Do stick to your budget!

Knowing how much you can afford to spend on your home is important any time of year, not just during the holidays. We recommend that you figure out how much you can spend on a new home in advance before you even begin visiting potential properties. At Southern Trust Mortgage, we offer a program called Priority Approval. Unlike pre-qualification or pre-approval letters, Priority Approval is a true credit approval. Having a true credit approval benefits you in three ways: it lets you know exactly how much home you can afford to purchase, it allows your agent to search only for possible properties that fall within your budget, and it makes any offer you put down on a house appealing to sellers and their agents, since a Priority Approval letter is us confirming you meet loan criteria and we are willing to lend to you.

Tip 3: Do take advantage of less competition in home availability, motivated sellers, and faster closings during the holidays!

Because winter is usually a slower season for mortgage companies and for real estate agents, it’s a great time to be a buyer. Most home purchases occur during the spring and summer months, but homes go on the market year-round; by shopping during the winter, you’re more likely to find a home that you like quickly, and less likely to face stiff competition when you submit your offer. Additionally, sellers and their agents are often more motivated before the holidays as they want to close the sale before the end of the year, which means they may accept lower-priced offers. Also, since fewer people move before the holidays, there’s usually not a rush for moving trucks; just a nice little bonus to moving this time of year!

Tip 4: Do remember to enjoy your holiday!

Although both the holidays and the home-buying process occasionally come with their share of stresses, don’t let that dampen your holiday spirit. Take every chance possible to slow down and celebrate this very special time of year; before you know it, you’ll be in your new home!

If you’re ready to explore your homeownership options this holiday season, Contact a Southern Trust Loan Officer. We’ll put you on the right path to meet your home ownership goals.