Best way to shop for lenders?

Question

I am planning to buy a house. With so many small and large lenders available, I am kind of overwhelmed.

If I do a comparison using "Bankrate.com" as an example, I get a lot of competitive offers. But how do I know which one is real?
I hear that some lenders will pull your leg with an attractive rate, but they will then hit you with points and fees at the signing day (even after providing a GFE early on)!

How do I find a reliable lender, with competitive rates?

Thanks

Answer 1

You need to use a mortgage broker so your credit isn't pulled 10 times in a week. A mortgage broker also has hundreds of lenders and programs to fit everyone needs and not the loan officer's pocket book. You need someone who wants you to be their client for life versus someone who just wants this one loan from you. If you need any help or have any questions please email me [e-mail].

Answer 2

I would suggest using a Mortgage Planner / Broker to shop your situation and needs to many of the different lenders they work with. They will be able to provide you with the best possible pricing options available for your specific needs and situation.

FYI, you DON'T pay points, but you have the option too, it's a common misconception. A GFE is just that, a GOOD FAITH Estimate, they are expected to change but most 'good' brokers, will estimate on the high end, so that you are pleasantly surprised when the final tally comes in lower.

At Your Service.

Answer 3

I would highly reccomend making an appointment to sit down with a loan officer at 3 or 4 of the different institutions that you're thinking about going through. That way you will be talking to a real person and they can talk to you in a hypethetical situation of you buying a home and give you the information that you need to make your decision without pulling your credit or verifying too much personal information.

My husband and I ended up going with a local bank and are very happy with our decision. The people there are always very honest with us about what can or can't be done and it's convenient location is very helpful. They make us feel like actual people instead of some number in a database.

Good luck!

Answer 4

Watch out for lendingtree.com and most of those online give you quotes in 4 minutes. What happens is your information is sold over to the mortgage broker who just called you. So they want to close because they probably paid $50.00 to get your contact information. Your best bet if you want to keep your information secret is find a local brokerage or bank which you trust. Yes GFE are good and before you sign you should receive a prelim Hud-1 statement.

If you need more help or answer to more questions than ask I am here to help.

Answer 5

Go with a company that uses many different lenders. Most rates are about the same with companies. What state are you buying a house in? I might be able to help you. Myisha McGowens
Primary Residential Mortgage
443-273-9014
Owings Mills, MD

Answer 6

Go with a nationally known direct lender. I do not advise letting people "shop" you around (such as with BankRate, or Lending Tree), because your credit score could suffer.

A direct lender will "shoot straight," and not charge you junk fees.

If you need help, with no nonsense, feel free to contact me.