Financing in Chicago>Question Details

Trulia Chica…, Other/Just Looking in Chicago, IL

Is there any reason to avoid 'no-name' lenders when shopping for a home mortgage refinance?

Asked by Trulia Chicago, Chicago, IL Mon Apr 1, 2013

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Credibility and accountability are 2 important factors to consider and there is no reason that you cant find strength in both of these qualities through a smaller "noname" lender - If you know someone who has worked with the lender successfully then that is a good place to start - however make sure that this was a recent transaction.
I worked at a small no name company the first 5 years that I was in the industry. The number one limitation that I encountered was capacity. With the large amount of volume of refinances and purchases it can be difficult for a small company to keep up. They may not have the man power required and your loan could suffer.
Check several trusted sources for quotes and go with the lender that makes you feel the most comfortable.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes Thank Flag Link Mon Apr 1, 2013
Can they deliver?

All lenders are bound by the same strict regulations.
0 votes Thank Flag Link Mon Apr 1, 2013
I would suggest to shop around to as many lenders as possible and see who gives the best rate.
0 votes Thank Flag Link Mon Apr 1, 2013
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