Getting a Loan and Choosing a Lender: What You Need to Know

Crest Savings Bank suggests the following tips from the American Bankers Association to help choose a lender when you are ready to borrow funds. 
Know your financial situation.
Before you begin the loan application process, determine what you can realistically afford.  Consider your credit score, the debt you currently carry and the down payment you are prepared to make if needed. Become familiar with interest rates, loan terms and additional fees associated with a loan.
Choose a trusted lender.
Get references from family and friends and do your research. Slick TV ads, telemarketers or door-to-door salespeople will often offer fast, easy loans for houses, cars and home repair, but won’t disclose all of the details. Read the fine print. If it sounds too good to be true, it probably is. Call your local Better Business Bureau and ask if it has had complaints about any of the lenders you are considering. Keep in mind, federally insured banks are required to operate under a high level of regulatory supervision. A fully regulated bank may be your best choice.
Compare quotes.
Beyond the interest rates, there are closing fees, points and commissions. You will want to compare these for all the lenders on your list. There are several calculators available at aba.com and crestsavings.bank that will help you determine which loan provides the best value.
Have your documents ready.
While each bank may require different documentation, you may be required to furnish the following information:
•             Pay stubs
•             Tax returns
•             Financial statements
•             Copies of additional monthly payments such as car loans, credit cards and student loans
•             Any other information such as proof of additional income
Ask questions.
When in doubt, ask for clarification. Discuss how long the loan process will take, how you will communicate (by phone or email) and who will service your loan.
At Crest Savings, our lenders will take the time to understand your financing needs to ensure we offer the best possible solutions for you. Talk to us first before you borrow elsewhere. Call us today at (609) 522-5011, or visit www.crestsavings.bank.