At best, your mortgage lender can make your home buying experience as smooth as silk. A sloppy mortgage lender, on the other hand, can cost you the chance to buy the house of your dreams, or worse, leave you in the lurch without a house to call home. Just imagine the devastation that ensues when a lender fails to close an approved loan within a specified time window, and you lose the house you bid on. Unfortunately, these kinds of mishaps aren’t uncommon. If you thought that the only role for your lender was to hand you a check, there are some things you should know about what a mortgage lender can do for you.

Here’s a quick rundown of mortgage lender roles:

• Your lender finds a good interest rate, and once that rate is found, locks it in for you so that you don’t lose it.

• You rely on your lender to close the loan in a timely fashion. Once you make a bid on the house, you generally have a window of time in which to finalize your loan and close on the deal. If your lender doesn’t close on your loan within that window, you could lose the house you want to buy.

• The lender imposes certain closing fees — administrative fees, charges for various services and the like. Because the lender imposes those fees, the lender can also choose to waive some of them and save you a great deal of money on your loan.

Of course, to take advantage of these savings, you need to know your lender, understand the mortgage process and be aware of your rights as a borrower. Here’s what you should know about getting a mortgage and your lender’s role.

Understand the Different Types of Mortgages

Mortgage lenders offer many different kinds of mortgage products — fixed rate mortgages, adjustable rate mortgages, jumbo mortgages and balloon mortgages. While the lender knows his products, you can’t make an informed decision without knowing the basic types of mortgages. Do some research so that you’ll have some idea what kind of mortgage will suit you best, and then seek out lenders that offer those types of mortgages.

Keep Track of Prevailing Interest Rates in Your Area

There are lots of ways to keep an eye on the prevailing interest rates — the newspaper, online banking sites, even mortgage quote sites that allow you to compare interest rates from many different lenders.

Get to Know the Different Types of Lenders

Not all lenders are created equal — but that doesn’t mean that one is inherently better than another. Mortgage brokers shop around and find you the best loans for your needs, but they may have their own interests in mind if, for example, a particular lender offers incentives for loans. Banks and credit unions can offer many services alongside the loan or aside from the loan. In some cases, taking out a mortgage through a bank with which you have an existing relationship may give you some advantages that you wouldn’t have with a household finance lender.

Understand the Typical Closing Costs and Fees for Loans

Interest rates are only one point of comparison when you’re shopping for a mortgage. Other fees include points, administrative fees, copying fees, fees for appraisals and more. Ask prospective lenders to detail typical costs, including charge per point, and which administrative fees you can expect to pay. Often, lenders are willing to waive some of those fees to attract your business.

How to Find a Lender for Your Mortgage

It used to be a given that most people would find their mortgage lender through a personal referral from a friend or business acquaintance. The internet has changed that in many ways, but there are still a lot of home buyers who prefer a personal recommendation. Other places to find reputable lenders include:

• Agent referrals are one of the most common ways that buyers find lenders. If you haven’t gotten a pre-approval before seeing a real estate agent, you can expect the agent to recommend that you get one. The agent will often have a list of lenders with whom he or she has worked in the past.

• Online quote sites often allow you to submit a loan quote request to multiple lenders in your area at once.

• Your bank or credit union is an obvious place to check for a good mortgage deal. After all, you trust them enough to keep your money there.

A mortgage lender can make your home buying experience seamless and easy, or rugged and tedious. That’s why it’s so important to understand their roles and responsibilities. The time it takes to find a reputable and experienced mortgage lender is well worth your effort.