Mortgage Lending: What Is It and How Should You Be Using It As A Home Buyer?

The homebuying journey can be intimidating and daunting for everyone, especially first-time buyers. With such a saturated market, choosing a mortgage lender can feel overwhelming and complex. 

 Finding the right lender for your situation and goals is arguably one of the most critical steps to prepare for your home buying journey. Taking the extra time to field your options and set clear expectations can make the process financially better and emotionally easier.

Let's start with the basics. What is a mortgage lender? According to Investopedia.com, a mortgage lender is a financial organization or mortgage bank that gives and supports home loans. Lenders have particular financing guidelines to prove your creditworthiness and ability to repay a loan. They establish the terms, interest rate, repayment plan, and other essential features of your mortgage.

We spoke to Brady Spangler, SVP of Mortgage Lending at Guaranteed Rate, to get his professional take on lending!

Whether you are purchasing your dream home, refinancing an outstanding loan, or consolidating debt, Brady's highly experienced team can help you find the right loan program to suit your needs.  

What is your role as an SVP of Guaranteed Rate?

I am a professional and experienced mortgage lender committed to providing my clients with the highest quality financial services and home loan options. I work one-on-one with my clients to ensure that the desired financial solution is tailored specifically to meet their financing needs. I pride myself on accessibility and constantly making myself available to my clients and agents. 

Why is finding a suitable lender important in the real estate process? 

Finding the right lender is the key to ensuring you get to the finish line on time, meeting all contract deadlines along the way!

How do you help your clients have an exceptional home buying experience? 

Our digital technology and platform are second to none; we can execute quicker than anyone in the industry, with one of the highest consumer satisfaction rates in the business, using automation at its fullest to guide our clients to the finish line as seamlessly as possible.

How can people find a loan that fits their needs and situation?

People can find a loan that fits their needs and situation by completing the digital mortgage application; we then connect with them to discuss the best options to suit their needs.

What would you suggest to first-time homebuyers to make the process smooth?

I would tell first-time homebuyers to get pre-approved before shopping for a home.

What are some things people don't know about your profession that homebuyers should know about?

Some people might not know that you DO NOT have to put 20% down; you can buy out mortgage insurance upfront for pennies on the dollar, rates are still at historic lows.

What is the most satisfying part of your job?

The most satisfying part of my job is watching someone close on their home. It is gratifying to know that I played such an integral role in helping them achieve their dream of homeownership. My ultimate goal is to create long-lasting relationships with each of my clients so that I may continue providing excellent service for many years to come. 

What are your top 3 tips as a mortgage lender? 

I would want people to know to get pre-approved, make sure they are limiting asset movement before closing, and are not quitting their job! You can reach me at my website to get started on your mortgage lending journey here.