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Financing > Choosing a Mortgage Company
Selecting a Mortgage Company
When
it comes to selecting a mortgage company, it pays
to do some shopping around. Some lenders will promise
you the lowest rate and others will swear that their
service is heads and shoulders above the rest. Other
people listen to their real estate agent's recommendations
and go with their agent's preferred lenders despite
the fact that the agent may not care about what rate
their customer is being offered. Some agents truly
look out for their clients and others just want to
make sure that the deal gets done no matter what rate
their client pays. Your goal should be to find the
right mix of rate, service and dependability.
Here are some suggestions on choosing a mortgage company and a mortgage professional:
- Ask your friends and family for referrals for
companies that have served them well.
- Call your local bank for a quote and then call
several low
rate mortgage lenders and bankers and make sure
that your bank is offering you a reasonable quote.
- Request Good Faith Estimates and Truth-In-Lending
Statements and be sure to compare the fees in the
800 section of the Good Faith Estimate and the APR
in the Truth-In-Lending statement
- Ask your Loan Advisors for references
- If you are working with a real estate agent, request
a quote from the professionals that they recommend
and then shop around. If you decide to not use their
recommended lenders or bankers, make sure that the
agent and the mortgage company you choose are on
the same page.
- Be sure that the company is willing to send you
a rate lock confirmation once you lock your rate
- Trust your gut. If it sounds too good to be true,
it probably is.
