Choosing the Right Mortgage Lender

Choosing the right mortgage lender

Choosing the right mortgage lender can be complicated and not all lenders are created equal.  

There are three main categories of lenders to get mortgages from.

1) Mortgage Brokers
Mortgage brokers theoretically can provide the same service and rates as mortgage lenders and banks, but in real practice rarely do. Loan approval letters from brokers get less respect from sellers and their real estate agents. The mortgage brokers opinion is not really relevant as they are not the ones who approve and fund the loan.

2) Banks
Banks are normally competitive with their rates and are usually conservative with the issuing of loan approval letters. Their letter will generally get more respect from sellers and their agents. However banks provide many other services and mortgages in some cases are not their primary focus. Larger banks can be bureaucratic and their service at times can me challenging when buying a home. Out of state banks can be extremely frustrating to deal with. They do not know our local laws, customs or contracts and tend to cause a lot of stress for both the buyer and the seller in the purchase of a home.

3) Mortgage Lenders
They are funding lenders who do strictly mortgages. These are the companies that traditionally provide the best service, offer the broadest range of mortgage products and are normally extremely competitive. Mortgage is all they do and their loan officers are traditionally paid on commission unlike many banks. If you do not get the loan, they do not get paid.

My services are normally free to buyers. If you are thinking about purchasing a home, contact me and I can walk you though the process and assist you in choosing the right mortgage lender and other professionals.

About Randy Prothero

Randy works with both buyers and sellers and takes extreme pride in having placed many first time home buyers in homes. He is an area expert for residential real estate and one of a small handful of agents who specialize in working with VA / Military clients. His services are normally free to buyers.

Contact Randy to start the process of buying or selling a home. He will make it a pleasant experience.

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