There's a couple of reasons why somebody would go with FHA instead of conventional one. "The most common government loan that's widely available to almost everyone is the FHA loan.
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You get zero down with no mortgage insurance - plus some of the best rates available." If you qualify for one, you should definitely go for it. But if you have great credit, you may get a better rate and pay less for mortgage insurance on a conventional mortgage. "An FHA mortgage is a really helpful option for borrowers with low scores or kind of rocky credit histories. As you compare lenders, pay attention to how responsive they are, and ask your agent if they have any experience with the lenders you're considering." How can someone decide between a conventional mortgage vs. When I was looking for a house, I was able to text my loan officer (whom my real estate agent recommended) and get quick replies when I had questions or needed an updated preapproval letter for an offer. To snag the home you want in this competitive market, you need a lender that can move quickly and has good communication with you and your real estate agent. "Remember that you're not just choosing a mortgage lender - you're also building a homebuying team. I wouldn't recommend paying an exorbitant amount more for potential services in the future, but just don't always necessarily go with the rock-bottom lowest rate. "They may have the lowest rates to get you involved, but they might have very, very little hand holding after the fact. Are repayments going to be easy for you? Who is most likely to be able to help you if you need to take out a HELOC or refinance later, versus somebody who's more of a one-off type? However, you also want to take into account who's going to serve your loan best. "The canned answer is to just go with the lowest rate.
(Some text may be lightly edited for clarity.) What factors should someone take into consideration when choosing a mortgage lender?
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Here's their advice about how to evaluate mortgage lenders, and how to decide which type of mortgage is best for you.
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