How to go about finding a good mortgage lendor?

posted 3 years ago in Home
Post # 4
Member
1021 posts
Bumble bee
  • Wedding: September 2014

@Lily_of_the_valley:  someone local!  I have worked with lenders who are based out of the west coast and they hired bad appraisers (an appraisal issue sucks), and they weren’t available to even speak to until 12 every day.  There was a lender my client found online, and they denied the loan 3 hours before settlement.  At least work with someone who has been recommended to you and don’t search just for best rates – who cares if they give you the best rate when they have shady processing?

 

Where do you live?  

Post # 5
Member
13012 posts
Honey Beekeeper
  • Wedding: June 2011

@Lily_of_the_valley:  One mortgage broker is the same as the next imo.  You won’t really know what’s “good” until you go through the process.  IMO there’s no good company per se, but good persons that happen to work for them that are responsive in a timely manner.  I just went with the one with the best rate, which also happen to be a referral from a friend (who used them cause they had the best rate).

 

Post # 8
Member
1721 posts
Bumble bee
  • Wedding: August 2010

We’ve used online companies twice to get the best rates.  We used ING Direct once (now Capital 360) and Amerisave.  The only issue is that you have to be very diligent about contacting them and may need a few more bits of paperwork.  However, we got a 2.25% for our home which is an AMAZING rate, so the extra legwork was totally worth it!  You are only eligible for these types of things if you are putting 20%+ down.

Post # 9
Member
7281 posts
Busy Beekeeper
  • Wedding: October 2011 - Bed & Breakfast

We asked our realtor (someone I’ve known for 20+ years) and she recommended 2 mortgage lenders that she has had good experiences with (e.g. guys who are nice to work with, efficient during processing, and have a great record of closing with minimal hiccups). We met with both of her recommendations and someone from our credit union. We liked her guys best, so we worked with both throughout the shopping process, and then bid them against eachother when it was time to seal the deal in order to get the absolute best rate and terms.

Post # 10
Member
3084 posts
Sugar bee
  • Wedding: July 2014

@Lily_of_the_valley:  I recommend a credit Union. The rates and fees are usually better than a traditional bank. 

Post # 11
Member
693 posts
Busy bee
  • Wedding: October 2011

@Lily_of_the_valley:  Our realtor recommended 3 people to us.  We met with all three as well as someone from our bank.  We ended up choosing one of the ones our realtor recommended because we just “clicked.”  

Post # 13
Member
234 posts
Helper bee
  • Wedding: December 2013

oops duplicate post

Post # 14
Member
234 posts
Helper bee
  • Wedding: December 2013

@Lily_of_the_valley:  

I have been looking for a home for a whole year. made many offers and worked with 4 different lenders and brokers. I finally closed last friday and I loooooooooove my broker. He was so amazing. PM me if you would like his info.

 


Post # 15
Member
1021 posts
Bumble bee
  • Wedding: September 2014

@Lily_of_the_valley:  you should ask your agent who she recommends.  They will have a relationship with each other, but not one where they get “kickbacks”.  Like I use lenders that are local because they know how our business works (24/7 hours/day), they were with us doing the Spring for our “seller’s market multiple offers on everything situation”, etc.  They also know appraisers in the area, and in a growing economy, you need a reputable appraiser to help you get the deal.  I know these guys will get it done – I had that one terrible experience and I won’t do it again but you live and you learn.  

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