Is there any real purpose in shopping for a mortgage? I've been told that they're all pretty much the same these days.

Asked by Nybrothers, Massapequa, NY Tue Mar 5, 2013

Looking to sell my house and also pre-approve for a new one. I met with a couple mortgage people, and they really all sound like it's the same as far as numbers and what they can offer. What am I looking for in shopping around, is there any real difference?

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8
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Tue Mar 5, 2013
BEST ANSWER
Absolutely. You should shop around. Maybe there isn't a significant difference between Bank of America and Chase. But you'll find that lenders overall have different fees, different rates, and also vary on dependability. People have all sorts of different experiences with all sorts of different lenders.

I always tell people to shop for Loan Officers, not so much rates. You might get a great estimate from one lender and find that it's a hassle to close your loan. Others might be slightly different on fees or even the same and you might have a better experience. Find a good Loan Officer, someone you feel comfortable with and confident in their abilities to provide the service you expect and close your loan in reasonable time. I wouldn't automatically reject any Loan Officer your Realtor refers, but I would also meet with one or two more.

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
4 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Mar 5, 2013
Be sure to ask about any fees involved, they do differ....
1 vote
Russ Ravary, Agent, Commerce Township, MI
Tue Mar 5, 2013
Yes rates and fees still vary from lender to lender. Just shop them all on the same day
1 vote
Nina Harris, Agent, Williston Park, NY
Wed Mar 6, 2013
Definitely shop around. The fees can add up and vary.
0 votes
Rhonda Hatch…, Agent, Abilene, TX
Tue Mar 5, 2013
Yes, and some companies underwriters are stricter than others. They all are pretty hard but some want your first born child!!
0 votes
Gail Gladsto…, Agent, 11743, NY
Tue Mar 5, 2013
Yes, there are differences. The rates may be rather close, but costs vary.

If you have checked around a bit and are familiar with what is being offered, do call Brian Tom at Cliffco Mortgage Bank, 516-448-2434...Brian pretty much beats everyone around.

We would also be delighted to help you market your current property and assist you in finding another.

gail@GladstoneGroupRealty.com
516-241-4844
0 votes
Christopher…, Agent, Tarrytown, NY
Tue Mar 5, 2013
It depends on the loan product you choose. If you go directly to a bank you will get only what that bank has to offer. A broker will shop for the best rate for you. Depending on your career, you may qualify for some special programs as well.

Chris
0 votes
Thomas Brady, Agent, Plainview, NY
Tue Mar 5, 2013
Hi Nybrothers, there are differences in offerings and fees so it's worth shopping around. Also take into consideration the professionalism of the lender, I've seen deals go down the drain because the lender wasn't on the ball.
Tom Brady SFR, e-PRO, SRES, GREEN, BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
#1 Listing & Selling Brokerage Office on Long Island
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 104
Plainview, New York 11803
0 votes
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