I'm thinking of purchasing a home, but there are so many different loan & mortgage companies...how do I choose which is the best? The phone book is filled w/them & I have no time to check w/each of them. Are there any nationwide companies, that are well known to be better to deal with? Thank you for all honest answers.
2007-04-17 06:46:48 · 5 answers · asked by sunrise_n_tn 1 in Business & Finance ➔ Renting & Real Estate
hhoose a mortgage lender and loan officer with the same care and research you'd use when choosing a doctor or a care provider for a child.
This is going to be the biggest financial commitment you have made to date, it will pay you in the long run to choose someone who truly cares more about finding you the right home loan than about how much commission they are going to make on your loan.
I have been both a mortgage broker and a mortgage banker and, in my experience, you will get better service, more education, and a wider selection of first time buyer options from a mortgage bank as they are more interested in developing a continuing relationship and less concerned about how much they profit on this one transaction.
The right loan officer will spend a lot of time with you, finding out about your short and long term goals as well as your current needs in order to explain all of your options and what they mean so that you may make informed choices. It is, after all, your loan.
I have some information I can email you that I developed for a first time buyer class I led. It will help you understand some of the terminology and the process so that you will have a start on knowing what kinds of questions to ask.
Feel free to email me directly so that I may send it back to you as an attachment. I am Happy to be a resource for you.
2007-04-17 06:56:19 · answer #1 · answered by Anonymous · 0⤊ 0⤋
There are a myriad of lenders out there. The best thing to do is find a reliable mortgage broker that's set up with 100+ lenders. They'll be able to shop your loan with those lenders to get you the best terms.
2007-04-19 17:48:50 · answer #2 · answered by pm1961 1 · 0⤊ 0⤋
I always recommend my clients speak to at least three, and as many as they can find time for.
I hope you'll use an attorney, so you can ask them what all the stuff they're going to throw at you means.
Bear in mind that the Lender is not on your side any more than the Seller is. They want to see the transaction go through, but for their own reasons. Your attorney is on your side.
2007-04-17 07:45:07 · answer #3 · answered by open4one 7 · 0⤊ 0⤋
Hello Everyone,
My name is Mr Paul Walters and i am a private money lender that renders financial assistance to those in need of loans at an interest rate of 3% thus if you are in dire need of a loan, contact us via paulwalters12@yahoo.com
NOTE: THIS OFFER IS OPENED TO ALL!!!
2007-04-20 02:12:34 · answer #4 · answered by paul p 1 · 0⤊ 0⤋
you can go to your bank or if you have any problem with credit before and you want to shop around for the best rate contact a mortgage broker. like my self , i am working with Centum Financial group. it is well known for its reputation.
2007-04-17 07:22:15 · answer #5 · answered by Gurmeet s 1 · 0⤊ 0⤋