Taking a close look at the mortgage companies in your area

Taking a close look at the mortgage companies in your area

A good mortgage lender is not easy to come by. Every loan officer’s skill level may not match their hunger for your business. With so many choices, it is tempting to be lazy and just work with your local bank. After all, that’s how you financed your education, card, and summer trip abroad—but convenience isn’t worth the headache later on or wasting money now.

Keep a few things in mind while you filter through mortgage companies that come a dime a dozen.

Ask the people your trust

If you are working with a realtor or accountant, you have trusted them with vulnerable portions of your life. You trust them with your finances and information—and to help you make life-changing decisions. Ask them for mortgage company recommendations. These professionals work with them often and have a referral relationship.

Don’t get distracted by all that glitters

Focus more on the loan officer’s character versus the title.  Acronyms can give you a hint of what their qualifications are, but that’s not the only ingredient for a good lending relationship. Pay attention to how they respond to questions, if you can reach them when you need to, and if you think they will be around for you after the transaction.

At the end of the day, it’s a sale

Loan officers are there to add value to the mortgage company. Some will do it at any cost. Others can balance bringing in revenue by looking out for the client. Just keep in mind they can’t work magic. They can only give you the information and convince you their company is the best.

Get everything about your mortgage loan in writing

In the beginning, ask questions about the application and approval process. Jot down notes on things like closing costs, down payments, origination fees and insurance. When it is time to get a pre-approval or complete a loan application, get everything in writing. Ask for a printout or have it emailed so you can always refer back to it.

Category Finance

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