Buying a house is something that you do just a handful of times in your life if you're like most people -- but paying a mortgage will be an event that happens every month, most likely for more than a decade and up to three decades of your life. You might not think too much about your choice of lender while you're in the process of buying a home (although the right lender can definitely make the process much smoother), but you may have cause to regret your choice or wish you had shopped around a little bit more after you're finally a homeowner and realize that your mortgage interest rate could have been lower or that your mortgage broker didn't appropriately explain the additional expenses of homeownership. What do you need to do to pick the best lender for your mortgage loan, and how do you go about making that decision? We've narrowed down eight steps to take to find the best mortgage lender for your home loan. **Maximize your credit** Every lender is going to take your creditworthiness, typically measured by a credit score, into account when you start applying for a mortgage loan. Even if you're qualified for a VA loan as a veteran, which typically have much more flexible standards when it comes to down payments and credit scores, preparing yourself by boosting your credit as much as possible can only be beneficial for the deal you're ultimately able to secure. **Save as much as you can** Your savings is another important component of your financial profile that lenders are going to consider when deciding what kind of loan and rate to offer you. And depending on the type of loan you get, you'll probably need to save up a down payment -- anywhere between 3% and 20% of the total value of the home that you buy. **Get referrals from friends** Just like any other service, mortgage lenders and brokers work with people in your community and network -- so you should tap those customers to find out what they thought about their experience and whether they'd recommend their lender or mortgage broker. **Talk to industry professionals** People who have bought a house recently get one perspective of their mortgage broker and mortgage lender -- but people who work in real estate every day usually see those brokers and lenders in multiple transactions and scenarios. **Examine your options** Some home buyers have more options than others when it comes to a mortgage loan. For example, military veterans are usually eligible for a VA loan, and those can be much more flexible and forgiving than a loan from a traditional bank. **Look at online reviews** With your short list in hand, it's time to do a little bit more digging around the lenders and brokers you've unearthed through your research. **Compare rates and terms** Before you commit to your loan, ask your mortgage broker to provide a Loan Estimate for each lender (and each loan option with each lender, if you're considering different loan terms or conditions). **Get preapproved** After all this research and preparation, it's finally time to make a decision about which lender has the best loan for your current home purchase. Once you decide which lender and which loan to use, ask your mortgage broker to help you get preapproved.
