I agree that it absolutely matters.
You have a few different types of mortgage brokers out there.
1) Big banks, i.e. Wells Fargo, Bank of America, etc. Many of these banks have good rates, but they are typically overwhelmed with the amount of work they have to do and I have seen several closings held up because the bank could not get all of the paperwork together in a timely manner. I have even heard of bank executives from a big bank having trouble with their OWN loans going through in a timely manner.
2) Online loan companies. You can typically find great deals with these companies, but you have to look closely at the fees involved with obtaining that loan and the terms involved. Online companies often have higher fees than normal and you are not dealing with someone local so when there is an issue you have to make a phone call, sit on hold, or leave a message.
3) The third option (and my opinion the best) is to deal with a reputable, local, 3rd party mortgage broker. These brokers are independent, yet have connections with a variety of banks and loan companies which means they can get very competitive interest rates and terms, as well as very competitive costs involved with loan origination.
Regardless of which options you use, make sure you ask for a Good Faith Estimate (GFE) that breaks down their closing costs and compare apples to apples.
You should also ask what types of mortgages that the company has done recently (FHA, VA, Jumbo, etc) to make sure they have experience with the type of loan you will be obtaining.
If you would like a referral to a couple of great loan officers, please feel free to contact me. I have 2 main ones that I work with all the time that I would trust my own loan with... in fact, I HAVE!
Brian Rayl, REALTORÂ®, e-PRO
Keller Williams Elite - Dallas/Park Cities