Contact them and get a good referal. The loan agents that are referred from a know source are your best bet.
On line lending? You will be working with a voice or an email at the other end of the line.
Bank? May take weeks and weeks...unless referred from real estate agent.
I prefer to meet my clients in person. I usually find a convenient location for both us.
I feel if you are going to be entrusting your biggest investment to someone, you should be able to meet them and have access to them when you need them (evenings/weekends).
Touch choice for you. But, be picky.
My personal preference would be a Mortgage Broker/Banker.
Some of the key differences between lending sources (based on my personal opinion and experience) are contained in this post:
"Retail Banks vs. Mortgage Broker/Bankers"
But in fairness I would like to say that brokers do get a bad rap. Fact of the matter is that really matters more with loan officer than the institution. I have known brokers, mortgage banks credit unions and FDIC Banks all doing a great job.
A good loan officer will care more about you then the money they may make. They will tell you up front what it will cost, how much you will save and if it makes sense for you to do the loan.
What you want to stay away from is the boiler room lenders, Greenlight, Cash Call, Lending Tree etc. If you Google them you will find tons of well deserved complaints. If they advertise non-stop on the radio TV etc. chance are it is a boiler room.
I would also say that if you respond to an ad where they say the 30 year rate is 2.875 with no fees, and then you find out it is 3.5% with $3000 in fees, you have to ask yourself about the person taking the calls. I guess you would not expect them to say " Oh my company advertises a lower rate than we actually have, in order to get people to call in." Fact is that two of the three companies I mentioned above advertise rates lower than what they can actually offer. Several other companies do the same thing. The problem is rampant.
Ask them how soon they can lock in the rate, and how many days is it locked for. If they won't be able to lock in the rate early in the process, then they really can tell you any rate the want as it will change anyway.
Some lenders can not actually lock in a rate. In that case ask to see a copy of their rate sheet. If it is a broker ask to the pricing includes all brokerage fees charged as well (some do some don't.)
I will lock in the interest rates as soon as the customer provides me the required documentation.
Mortgage brokers are the most highly licensed and verified originators on the planet. I would suggest you talk to a few brokers and go with the one that you feel the most comfortable with.
Broker/Owner, Multi-state Licensed Real Estate Brokerage U S Spaces, Inc.
Managing Member, NMLS Certified Mortgage Brokerage U S Loans Mortgage LLC
215.238.9400 East Coast
415.683.6950 West Coast
2043 Locust Street Phila, PA 19103 215.829.8850 x201
4354 Perlita Ave Los Angeles, CA 90039 310-741-7179
Licensed Real Estate Broker PA- U S Spaces, Inc.
Real Estate Broker, CA Dept of Real Estate DRE#01507615
NJ Licensed Real Estate Salesperson- U S Spaces
U S Loans Mortgage LLC #51022
Licensed by the Commonwealth of PA Department of Banking,
Virginia State Corporations Commission, License #MC-4943, State of Florida
California licensed with Signet Mortgage, NMLS# 168365, DRE#01403423
Personal Virginia Mortgage License #MLO-523VA
NMLS Test Certified National License #133975
http://usloans.com for live rates and online mortgage applicationï¿¼
Traditional Banks and Credit Unions will not provide unbiased advice nor selection, since by doing so they will possibly risk losing your loan to the company whose product truly provides you the most value.
Mortgage Bankers on the other hand cdo sell a variety of products, from multiple sources, and can be objective in their recommendations. The compensation they receive is regulated, therefore the outcome of the recommendation doesn't matter. What does matter is giving you the best loan and best service for your needs.
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