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Home Mortgage Preparation :: Compare Mortgage Lender
Compare Mortgage Lender: How to Compare One Mortgage Lender from Another
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How do you compare mortgage lender vs. mortgage lender?
The easiest way is to think of qualities you'd like to see in your lender, remembering that you'll be dealing with this company for the next 20 or 30 years, then run through your list of potential lenders to see which company best fits your wish list.
For a list of suggested qualities to look for in a mortgage company, keep reading.
Fast Service
Remember, the cheapest rates don't always translate to the best service. For a real estate deal to go smoothly, you need a lender that will work efficiently and quickly to get your loan processed to close the deal on your new home.
Let's look at how you would compare, Mortgage Lender A offers .02% less on their interest rate, but they've been delinquent in returning phone calls and have even been closed when their office hours stated they would be open.
Meanwhile, Mortgage Lender B costs 0.2% more, but has always provided consistently efficient, quality service. Trust the experts, that 0.2% is going to be worth the extra cost.
Personal Service
Some mortgage lenders have a loan officer to greet you and take your mortgage application, but then you have a series of unknown people and faces dealing with your mortgage application and process.
Meanwhile, you'd selected your lender based on the personal and business relationship that you built with the first officer.
Again, let's compare Mortgage Lender A who provides you with a courteous loan officer on day one, but then leaves you with help lines, unfamiliar faces and unknown signatures to get your loan from application to completion to Mortgage Lender B who offers a single contact person who will guide you through your loan process with dedicated service. Which would you choose?
Track Record
Look for a mortgage lender that has a good business record, along with years of experience in the mortgage industry.
Let's compare Mortgage Lender A, a small shop inside a strip mall that just opened last year and whose website is sub-par, to Mortgage Lender B who is an established lender in your community with a trusted and respected presence. Again, who would you choose?
Whether you compare Mortgage Lender A to Mortgage Lender B or Mortgage Lender X doesn't matter. What's important is that, at the end of the day, you get a mortgage alongside a company that you enjoy doing business with.
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