Home Buying in Long Beach>Question Details

Marcos Garni…, Home Buyer in Long Beach, CA

whats the different with all lenders

Asked by Marcos Garnica, Long Beach, CA Mon May 6, 2013

well whats the differents when they loan you money for a home. their is so many of them .are their some that give you low payments that will be good need to know thx

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6
A variety of lenders offer a variety of benefit, depending on the client their financial standing (and credit history). As Kawain said, there are rates, terms, services- different companies with different options to offer. We can recommend some if you need help!
0 votes Thank Flag Link Mon May 13, 2013
In my opinion, it boils down to:

Rates
Terms
Service

I prefer direct lenders to loan brokers.

Try the bank or credit union where you do your personal banking.

Best of luck to you!!!
Kawain Payne,Realtor
0 votes Thank Flag Link Mon May 13, 2013
Some differences between lenders are relate to fees, interest rates, points and the mortgage products offered.
0 votes Thank Flag Link Wed May 8, 2013
The big difference is the fees that they charge. The lenders that charge you lower fees can usually get you a lower rate as you won't need a bigger rebate to cover their fees. Let me know if you want me to refer you to a mortgage broker.
0 votes Thank Flag Link Wed May 8, 2013
Marcos: I am answering this to you 'on the fly'. I have not reviewed any other answers.

1. We all get our money from the same place. Some underwriters are a little more lenient than others. But, basically, the rules are consistent through the process.

2. When shopping, look for a lender who is easy to communicate with and who is available for you to communicate to. Be that by phone or by email or by text, believe it or not some of my clients are best with texting. Works for me as long as we are COMMUNICATING.And...with whom are you talking? I am the only one who talks with my clients. My processing staff will no t be contacting you. You hired me...thats with whom you talk.

3. You are going to be working with this person for a few months, make sure you like them and are comfortable with them and you trust them. This is a stressful process and you do not need personality conflicts to make it more stressed.

4.Remember...a rate is not a rate until you are ready to lock it in. You may find one lender much lower than everyone else...and that may mean that they are hedging the market and 'hoping' that rate stays low for you.

Best of luck!
0 votes Thank Flag Link Tue May 7, 2013
Hi Marcos,

Whether you start by contacting a Realtor® or a Mortgage Broker/Banker be sure to obtain a "True Pre-Approval" See: http://www.Steven-Anthony.com/GettingStarted

Some of the key differences between lending sources (based on my personal experience) are contained in this post:

"Retail Banks vs. Mortgage Broker/Bankers"
http://tinyurl.com/6qln6nd

-Steve
0 votes Thank Flag Link Tue May 7, 2013
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