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Factors to consider when reviewing mortgage lenders

by Theresa Grella 01/15/2025

Factors to consider when reviewing mortgage lenders featured image

Before purchasing your home, you may find yourself searching in the market for mortgage loans. Finding a good mortgage lender can help you solidify the funding needed to secure a home and can help to simplify some aspects of the homebuying journey. 

How does a mortgage work?

So, what exactly is a mortgage? A mortgage is a loan with terms often ranging from 10 to 30 years in which a borrower is awarded financing to purchase a residential property. Monthly payments of a mortgage loan go towards the principal balance, mortgage insurance, property tax and interest rates. 

Tell me the minimum credit score required for a home loan?

On average, many mortgage lenders offering conventional loans require a credit score of at least 620 to demonstrate good credit history. Loan types such as FHA loans do allow borrowers to qualify with lower credit scores; however, this often comes with higher interest rates and a larger down payment requirement. 

If you’re in need of a larger mortgage, you may be considering applying for jumbo loans. Due to the higher amount of financing being borrowed, the average credit score needed to qualify for a jumbo loan is around 700. 

Review methodology

As you compare and review different mortgage lenders and loan types, there are a few great factors to consider to narrow down your search: 

  • Do they offer lower interest rates? 
  • Do they have good costume reviews regarding communication and integrity? 
  • What fees do they charge in connection with taking out a loan? 
  • Do they have local servicing? 

By reviewing your credit history and doing research on



About the Author
Author

Theresa Grella

I have been a licensed agent since 1985. My community involvement enables me to offer many contacts to you, the client. I will put you in touch with other professionals in the lending, home inspection, and closing business. My 35 years of experience in the real estate market will make your transaction a favorable one. 

My professional designations include Certified Residential Specialist (CRS), Seller Representative Specialist (SRS), Accredited Buyer Representative (ABR), NAR Green Designation, and Loss Mitigation Certified. I have served as committee member and chairperson on many committees at the Greater Manchester Nashua Board of REALTORS and New Hampshire Association of REALTORS and am also a graduate of the Leadership Academy at NHAR. Awards include multi-million dollar producer, REALTOR of the Year, and Good Neighbor of the Year.