Home Buying in Long Beach>Question Details

marcoslbc,  in Long Beach, CA

So whats the difference on looking for a home lender(loan )..they say to try 3 to see which is the best I thought they all give the same thing.

Asked by marcoslbc, Long Beach, CA Thu Feb 13, 2014

Help the community by answering this question:


Some lenders offer niche portfolio products while others don't. Some have better rates while others are higher. Some sites only give you the same 3-8 lenders (who advertise there) so you always get the same offers.
The most important part I feel is that you feel confident with the lender or loan officer. By confident, I mean someone who can close your deal on time, provides stellar communication throughout the process to you and the agents, and you get the right loan product. That way, everybody wins, the seller, buyer, realtors and lender.
A realtor referral is great as that shows their lender has experience and trust in their team, but you should not dismiss all the other offers without at least contacting them. It's the same as picking out your realtor to work with. It's a process as to whom you feel most comfortable working with.
As a loan officer, I know some of the company's who provide outstanding service and rates along with good reviews are not always the big banks you tend to see.
best regards,
0 votes Thank Flag Link Fri Mar 14, 2014
Each institution varies to some degree. Some will offer products that others don't. Each will charge rates that are competitive but not always the same. It is good to do your homework. Be sure to work with an experienced Realtor. They can guide you to a reputable lender or lenders that can help you understand the difference in rates and terms.

All the best,

Alex Montelongo/Broker
Coldwel Banker Star Realty
562-810-7387 Cell
BRE Lic#01456982
0 votes Thank Flag Link Tue Mar 11, 2014
You will probably not get all the "same thing" you will get different terms and rates.
0 votes Thank Flag Link Fri Feb 28, 2014
Do you already own a home? Is your credit score excellent? If so, you may be able to be in a position where lenders compete for YOUR business.

We got quotes from several lenders, chose the best terms and then presented the facts to the loan officer at out bank which also held our mortgage and asked if they could do better. We were able to get a better rate AND lower closing costs than anywhere else.
0 votes Thank Flag Link Fri Feb 28, 2014
Hello Marcoslbc,

You are right in one regard they all will give you money to buy a home BUT, each can have different rates, terms and programs.

Best Regards,

Kawain Payne, Realtor
0 votes Thank Flag Link Sat Feb 15, 2014
You want to try at least one mortgage broker and then two others. A CU and a big bank. If you want a price quote just send me and email and I would be more than happy to help you.

Alex Greer
Loan Officer
NMLS #1056079

0 votes Thank Flag Link Fri Feb 14, 2014
Most loan officers will offer very similar loan programs, there are some niche loan programs that only a handful (relatively speaking) of loan officers have access to though. The big difference between them you'll find are communication skills, the process itself, interest rates & fees. If you can find someone who is available when you need them to be, responds to your emails & voice mails in a timely manner, can explain the process in a way you can understand, can offer the loan program you feel is best for you at a competitive interest rate without exorbitant fees... then you probably found the loan officer you want to work with.

Shane Milne • Lending in all 50 states • NMLS #81195 • shane@thebesthomeloans • 949-273-4161 direct
0 votes Thank Flag Link Thu Feb 13, 2014
No - every one has different loan types and structures. I prefer working with mortgage brokers who have access to far more choices to offer the buyer, than those associated with one bank.
0 votes Thank Flag Link Thu Feb 13, 2014
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