Home Buying in Redmond>Question Details

Jj, Home Buyer in Redmond, WA

Mortgage question: what kind of lender should I choose?

Asked by Jj, Redmond, WA Mon Feb 25, 2013

Should i choose a smaller lender, or bigger one? Different lenders give me different rates, should I just go with the lowest rates? if the loan fails with one lender, is it possible to switch to another lender and lock the rates again?

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I agree with Dan--ask your agent. They will know lenders who can actually close on time without issues. Also, in this tight market it's important to go with a lender that your agent can vouch for to the listing agent. When a seller is picking between offers, they want to pick one that is more likely to close.

As to your last question, be advised that if you switch lenders without the consent of the seller, that might result in a waiver of your financing contingency, putting your earnest money at risk. That is yet another reason to go with a lender who can actually perform the task of providing financing.
1 vote Thank Flag Link Tue Feb 26, 2013
Hi Jj,

If you are planning to buy a home, then one of the first things that you look at is getting a loan. For first-time home buyers, this may be a bit overwhelming. You can hear about all kinds of terms that you don't understand and one of those involves the lender that you work with. You may discover that you can obtain financing through either a lender or a mortgage broker and wonder which one is a better choice for you. Here you can find some information about both parties to help you decide the best option for your situation.

0 votes Thank Flag Link Sat Sep 28, 2013
Loan shopping has actually become harder with the latest changes in the process. A lender can't give you a firm quote without collecting all of your data and submitting it for preapproval. There are some lenders who advertise low rates, others focus on service.
As a formerly licensed mortgage lender, I had wholesale sources that fit different applications better than others. My most competitive source was also the most difficult with underwriting, what good is a low rate if they won't approve it? Using a mortgage broker they shop the loan for you. They know if you well established or just getting started. If you've had some credit issues, they also know which source will be most forgiving.
As a Realtor who was licensed I'm picky who I recommend to my clients. I have a few sources I trust that have come through very well. Ask your agent for a recommendation or contact any of us who are answering your question.
The answer to your question really comes down to knowing more than you should reveal here.
Best of luck.
0 votes Thank Flag Link Mon Feb 25, 2013
I am a mortgage lender & my company has 61 lenders we deal with. That is more lenders then any other broker in the state of Washington. The reason that is important is that I have a program that gives me the lender costs for a certain interest rate for all lenders & it goes from the least cost to the highest cost. I can show you the chart on my computer. So, what this means is that we can choose the best deal out there for your loan. If something goes wrong, we can submit again to another lender & I already have all your documentations so we just have to sign a new loan application & move forward again. Please contact me directly & I would be happy to help you.

Good luck to you in any case,
Jirius Isaac
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
Winner of Seattle Magazines 5 Star
Real Estate Agent Best in Client Satisfaction Award
Mortgage Loan Originator Best in Client Satisfaction
Web Reference: http://tristarfinance.com
0 votes Thank Flag Link Mon Feb 25, 2013
check with several ....go with the one you feel most comfortable / confident with in their responses ....another tip - try asking friends / co workers / neighbors for referals ...call or email these referals ...often a lender that receives a referal will go beyond the call of duty to make sure the referal receives great service in order to make sure the referring party looks brilliant for refering them
0 votes Thank Flag Link Mon Feb 25, 2013
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