Best Mortgage Lenders - An Insider Perspective

Eight Effective Principles To Searching For The Best Mortgage Lenders

Friends ask me all the time how to find the best mortgage lenders. It comes with the territory because I have an insider's perspective. As a former bank loan officer and owner of my own mortgage company, I know what to look for.

Here are a few dependable principles I encourage my friends to follow.

1. Look for a mortgage institution with a stellar reputation.

Question your real estate agent, family, neighbors and coworkers. Ask who they use and if they'd return the next time. Take note if one particular company pops up in several conversations.

2. Be on the alert for individuals.

Is a specific name mentioned? Companies often have a team of originators. The consultant should inspire as much confidence as the very best mortgage lenders.

3. Compile a list after speaking with your friends.

Include three to five recommended mortgage companies and individual representatives.

4. Take action.

Initiate contact using a short cheat sheet. Write out your purpose ahead of time so you won't feel flustered or forget ideas. It also helps clarify what matters the most to you.

5. Give the mortgage loan consultant a turn to talk after stating your purpose.

Don't allow the questions to annoy you. Inquiries are an indicator of interest.

6. Now it is your turn.

Ask for alternatives to your ideas based on the lender's knowledge and experience. Are you taking notes?

7. Check your response to the home loan representative.

How are you feeling? Pay attention to your gut instinct.

8. Grade prospective lenders.

Rank them in order of their knowledge and your response.

Bonus - Using the internet in your search for the best mortgage lenders.

Here's how. Mortgage institutions are shifting the loan process online for efficiency. Although I still prefer direct contact with my mortgage broker, it's an accepted fact that lending is moving to the internet to reduce expenses.

Even though online mortgage applications may exceed your comfort level at first glance, this expands your opportunities. Lending companies who reduce expense can pass on lower mortgage closing costs to borrowers.

So, give searching on the internet a try. Expand your options. Type in a few search words. Try fixed mortgage rates or compare mortgage rates. Then sit back and allow the search engines to do your work.

Hint - Help for finding the best mortgage lenders closer to home.

Enter your city after the search words such as refinance mortgage rates san diego.

If you decide you want more information, you will discover a brief online application on each lender website. However, unless this is a company you have decided to apply with, do not input your social security number.

There are two reasons for this, security purposes and protecting your credit score. It is okay to pursue lenders on the internet but proceed with caution and common sense.

Use these simple ideas when searching for your best mortgage lenders. Follow my 8 steps. Take advantage of the internet to expand your search. You will improve your chances of finding the lender that is best for you.

Besides choosing the best mortgage lender, here is help for selecting a real estate agent. Supercharge your home buying experience with these 4 strategies!