Now that you’ve taken the steps to get prepared, you’re ready to choose the loan that’s right for you. Today there are so many loan options that it’s easy to be confused and lenders may push loans that sound great but might not be in your best interest. Choosing between a small local lender or a larger national lender is mostly a matter of preference, but knowing which you’d prefer can help you find the right deal for your situation.
What Matters Most to You When Selecting a Mortgage Lender?
- Annual Percentage Rate (also referred to as APR)
- Interest rate
- Monthly payment
- Lender fees
- Loan program, such as a 30-year fixed mortgage rate or Adjustable Rate Mortgage (ARM)
- Lender’s customer ratings and reviews
- Cheapest cost over a certain amount of time
The Need for Preapproval
A preapproval is different from a prequalification. With a prequalification, the lender relies on information provided by the buyer to estimate how much the borrower could qualify for. With a preapproval, the lender verifies the borrower’s information and documentation to determine exactly how much it would be willing to lend to that borrower. The documents to get preapproved are the same documents that you would need to get a mortgage; pay stubs, last two years’ W-2s, last two federal returns, two months’ worth of bank statements of all types of accounts, your credit report.
A preapproval is not a loan commitment, but it helps speed up the underwriting and loan approval process.
Our Lender of Choice:
As Senior Vice President at Franklin Synergy Bank with over 20 years of experience in residential lending, Stephen Lewis puts his experience and product knowledge to work for you by selecting the best products available to fit your needs. He specializes in Conventional, FHA, VA, THDA, Jumbo, Rural Development, First Time Homebuyers and Construction/Perm loans.
Stephen has formed “ The Lewis Team” which includes Bart Land with more than 14 years of experience, Jeff Ankrum with 10 years of experience, and Katherine Beasley with more than 18 years of experience in the mortgage industry. As proven mortgage professionals, their expertise and attention to detail will allow your mortgage process to meet and even exceed your every need.
A past President of the Middle Tennessee Mortgage Bankers Association, Stephen has been an active member of that organization for 15 years. Through the Middle Tennessee Mortgage Bankers Association, Stephen is kept up to date on all legislation that regulates the mortgage industry.
Please call Stephen Lewis and “The Lewis Team” to help you make your dreams of homeownership a reality.
Stephen Lewis
134 Pewitt Drive Suite 100
Brentwood, TN 37027
Direct: (615) 289-7634
Office: (615) 564-6330
Fax: (615) 564-6402
Email: stephen.lewis@franklinsynergy.com
NMLS #: 586737
Bart Land
134 Pewitt Dr. Suite 100
Brentwood, TN 37027
Direct: (615) 812-2796
Office: (615) 564-6332
Fax: (615) 656-5218
Email: bart.land@franklinsynergy.com
NMLS #: 590285