I've worked with hundreds of mortgage companies and loan officers throughout my career. Here is my advice from experience as both a Realtor and a borrower.
- There are several mortgage websites out there that claim they will have lenders compete to give you the best deal on a mortgage. This does not always mean that they are the best option. I've had both good and bad experiences with these lenders. Please investigate further before choosing a lender by this aspect alone.
- Dealing with local lenders can be beneficial. They know the market that you are in and will have more motivation to do a good job hoping that you will send referrals their way in the future. You can also deal with them face to face versus only having contact via email or phone.
- It is not all about the rate. Closing costs are a factor as well. Always ask for a Good Faith Estimate when choosing a lender. This will give you the full picture of your payment, escrows, taxes and all of your closing costs and pre-paids. I believe this information is essential to make good decisions.
- Just because a lender can give you the "best deal" doesn't mean that they are the "best option." Sure they are giving you a great rate and have the lowest closing costs, but they may have poor customer service and take forever to get the loan closed. This can cost you the house you love. You don't want the seller to grow impatient and move on when your lender needs extension after extension.
- Get referrals. Your Realtor or friends/family who have had experience working with a particular lender can be a better way to go versus blindly picking someone off a website or out of a phone book.
If you would like a referral to a great lender please let me know!! I have fantastic loan offers that I would be happy to direct you to!
Liz Opatic
www.LizOHomes.com
LizOpatic@grar.com
LizOpatic@grar.com
616-293-9952
Five Star Real Estate
4601 Lake Mich Dr NW
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