Advice on choosing a mortgage company.

Choosing a mortgage company

Searching for a mortgage company? The first thing to keep in mind is location, location, location. Stick with local players who know the neighborhood and the types of homes you’re interested in. Local lenders also have local contacts, like appraisers who can provide accurate appraisal values based on their knowledge of the area. Search for a local mortgage company.

Next, ask about the mortgage company’s services. For instance, does it have a comprehensive selection of loan packages? And can it compare its services and rates to that of its competitors -- and clearly explain the differences to you?

What about fees? Ask lenders about their loan-origination fees, which are typically 1% of the mortgage amount, paid as a closing cost. Fees may include points and charges for credit reports, appraisals, prorated property taxes, and homeowner’s insurance. Some of these fees may be negotiable.

You should determine if you’re working with a mortgage lender or a mortgage broker. Mortgage brokers work with a number of lenders and are usually paid fees for their services. Some compensation may be in the form of points and some may be an add-on to the interest rate.

If you’re working with a broker, find out how many lenders it works with and how it keeps current with new lenders and loans. Generally, broader representation means better choice of loan packages and terms. Brokers may also be able to renegotiate lock-ins if there is a drop in the APR.

Finally, don’t underestimate personal factors. Does your contact seem knowledgeable and honest? Beware lenders that try to pressure you into the wrong mortgage or charge excessive fees. You want a competent partner that will explain your loan choices, help you select the best loan for your needs, and ensure that your loan is approved and funded on time.

MortgageLinks.org allows mortgage companies to register their information free of charge with the stipulation they can only sign up in counties where they have a physical brick and mortar office. This is done to insure you are contacting lenders only located in your county. You are able to search by county and city to locate a lender in your immediate neighborhood.

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Topics:

Choosing a mortgage company | Search for a local mortgage company | Different types of mortgages | Mortgage glossary

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