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Jessica

Choosing the best mortgage company is indeed an important part of the mortgage loan process. You may approach several lenders or mortgage companies. The companies may provide you with several options but you may end up in a confused state of mind. It often becomes difficult to analyze the features of different mortgage programs. But it really helps if you have some basic knowledge on the mortgage process. However, things often get more complicated with the first time home buyers.

Different lenders may give you suggestions but you will have to analyze and decide on the best. It is also better that you don't rely on a real estate agent. Consult with your friends, relatives and then take the necessary decisions on the basis of their suggestions and your requirements.

Try to gather information as to for how long the particular mortgage company has been offering its services in the industry and whether it has been efficient in processing the loan. You should also watch out for the variety of programs they offer and then select the program that suits your need. If possible, refer the borrowers who have been serviced by these mortgage companies.

You should approach people who have taken mortgage loans earlier and try to know if they have been offered competitive rates by lenders whom you have approached. You should also consider the following aspects of loan processing carried out by those lenders.

The closing cost that was paid to the lender.
Whether there was any delay in the loan process.
Whether there were any sudden changes in loan closing.
Whether the mortgage company was co-operative enough to answer all the queries.
Whether the customers would use the same company if another mortgage is required.

After you finish up with your enquiry, analyze from the list of the companies and then find out the most convenient one with which you can deal. Visit the company officials according to your list of preference and if you are not satisfied at the first approach, then you may go for a visit to some other company. Approaching different companies and seeking their details will ultimately help you in getting the best deal.

blue · Posted: Tue Feb 14, 2006 4:49 pm Post subject:

While you shop for a loan, you may directly contact the lenders or you may approach a mortgage broker.

Direct lenders lend you money directly from their own and are the final authority to decide on your loan application whereas brokers have contacts to different lenders and loan programs offered by those lenders.

For some special financial requirement an experienced may serve the purpose. But whatever you do, whether you choose a broker or a lender, you have to shop for the total cost of the loan including the interest rate, fees, points, prepayment penalties, the term of the loan etc.

Regards,
Blue

Guest

which co. is easy to get a mortgae though. I have to go FHA If anyone has any other suggestions i would appreciate it. The two I thought of was wither Benchmark or Bank of America. Thank-you. I already own a home and I am renting it .

gmakerley · Posted: Mon Feb 23, 2009 12:22 pm Post subject:

clearly, every one of us who is a loan officer is going to tell you that our company is the best...go figure. frankly, a mortgage company/bank/broker is only as good as the loan officer with whom you're dealing. you need someone who will go to bat for you, fight for you and smooth things so that you'll be less stressed in the process.
i cannot comment about either of the above lenders you've mentioned - have no dealings with benchmark; and even though i underwrote at b of a back in the late 90s that was with wholesale, not retail; and, of course, the entire mortgage business has changed dramatically in recent history.

at any rate, look for a competent, personable loan officer more than you look for a company by itself; and you'll make out okay.

Posted: Wed Feb 25, 2009 8:38 pm Post subject:

I echo what George said and would also like to add the following...

Part of the loan officer going to bat for you is being honest with you and your situation even if it means the loan officer may lose your business. The worst thing is for borrowers to be told their loan is a slam dunk when in fact their scenario is borderline.

You also need to help your loan officer by being completely honest and up front about everything AND to start the discussions with him/her well before you even begin shopping for a home. A good loan officer will be able to help you with some credit issues and/or asset and income scenarios (time permitting) to get you the best loan and rate possible.

eric1 · Posted: Wed Feb 25, 2009 8:39 pm Post subject:

I echo what George said and would also like to add the following...

Part of the loan officer going to bat for you is being honest with you and your situation even if it means the loan officer may lose your business. The worst thing is for borrowers to be told their loan is a slam dunk when in fact their scenario is borderline.

You also need to help your loan officer by being completely honest and up front about everything AND to start the discussions with him/her well before you even begin shopping for a home. A good loan officer will be able to help you with some credit issues and/or asset and income scenarios (time permitting) to get you the best loan and rate possible.

gmakerley · Posted: Thu Feb 26, 2009 7:18 am Post subject:

thanks for the additons eric...i agree wholeheartedly with those suggestions.

lol at "time permitting." if we don't make the time, they'll walk; then again, some of the "serial shoppers" probably ought to walk.

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How do you choose the best mortgage company?