As a home buyer, what are you looking for in your mortgage lender?

Asked by , Fri Jun 28, 2013

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, ,
Wed Oct 2, 2013
Well, I can tell you what the sellers and the agents want. They want a lender that is going to close on time and meet the contingencies.

Most likely if you ask most loan offices how long the typical appraisal contingency is they will not have a clue about what you are talking about.

Most lenders do not know the purchase market very well. When these types of lenders get into the transaction they cause everyone stress.

The fact is that as far as pricing goes:
1. All A paper lenders are getting their money from the same place.
2. All lenders have to preset the charges to the customer. So all lenders are at least close to the market.

Lenders that appear less expensive are usually using gimmicks. Advertising loans with short amortization schedules or rates that no one qualifies for so everyone gets a higher rate. Many times they are advertising rates that do not exist. If you get tied into one of these lenders you will have problems.

Most of these lenders out there are geared towards refinances, and these are the guys with the gimmicks, or as I like to say "bait and switch." You hear them advertising on your TV and radio. Sometimes it will work out, usually it is a problem.

Major Banks are most expensive, because their overhead is a lot more and they offer the best lock in policies. Usually you are locked in automatically at acceptance for 60 days. Besides that their service is usually really bad.

There are also lenders such as the company I work for, TriEmerald. We guarantee good service. We specialize in purchase mortgages. We can not use gimmicks or bait and switch tactics. Because of our Guarantee sellers are more likely to accept your offer, you will have to make fewer offers, you will not have to overbid so you will save time and money.

If you would like to know how that would work for you, please feel free to contact me.

Rich Littlefield
949-2971207
TriEmerald Financial
NMLS 287206
0 votes
Fred Herman, Agent, Staten Island, NY
Fri Jun 28, 2013
apr rate
service
convenience
0 votes
, ,
Fri Jun 28, 2013
Since you are on this site I would look at recommendations by others who have used lenders on this site. Nothing like other buyers experience to give you an idea of what you can expect.
0 votes
Melchor, REA…, Agent, Orange, CA
Fri Jun 28, 2013
Hello Lilly,

First and foremost, thank you for posting a question here at trulia. What I would look for in a mortgage lender is excellent customer service. If I am not receiving it, then I will go somewhere else. Second, I would ask about the different kinds of loans that are available with regards to my situation. (bad credit, great credit, bankruptcy, debt, etc...) Another main factor is the interest rate. Shop around and get an understanding of what is available today! I hope this helps. If I can be of further assistance with your real estate questions, please feel free to contact me.

Sincerely,

Melchor Perez
DRE# 01842907
REALTOR®
714-401-8879
mperez@starsouthcounty.com
Star Real Estate South County
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