Tips On Choosing The Right Mortgage Lender

Choosing the right mortgage lender is extremely important. There are thousands of mortgage lenders and which lender do you choose?  Getting a referral from a close trusted friend can be on way. Realtors have a list of mortgage lenders they can recommend. Attorneys and accountants also have list of mortgage lenders who they can recommend as well. Many home buyers looking to purchase a home or homeowners considering refinancing their home often surf the internet for mortgage lenders. However, be careful when surfing the internet and that the mortgage website you are viewing is a mortgage lender and not a lead generation service where they want you to give your information and they in turn will sell your information to mortgage companies for a fee and next thing you know you will be getting cold calls from multiple mortgage companies.

The Internet And Choosing The Right Mortgage Lender

When researching the internet, you will run into many reputable mortgage companies that advertise via Google Ad Words. You will also run into mortgage websites when you Google for certain topics like “Mortgage Lenders With No Overlays”, ” FHA Loans With Under 620 FICO Credit Scores”, “Qualifying For Mortgage After Deed In Lieu Of Foreclosure”, ” FHA Loans With Collection Accounts”, or other keywords.  Popular mortgage websites will appear on page one or two of Google. When viewing the mortgage websites, make sure that they are an actual mortgage loan officer and/or mortgage company and not a lead generation company. You should not enter your personal information or apply for a formal online mortgage loan application until you have contacted them either by calling them or emailing them as to your inquiry and ask them whether they are a licensed loan officer or licensed mortgage company. Many mortgage websites on the internet are not loan officers or mortgage companies but are lead generation companies where they want you to enter and input your personal information such as your name, phone number, email address, the type of loan you are looking for, general credit and income profile, and a brief description of what type of mortgage loan you are looking for. In turn, what they do is sell this information to multiple mortgage companies for a fee. Many mortgage companies purchase mortgage leads from lead generation companies for their newer loan officers. Nothing is wrong and it is totally legal for loan officers to purchase mortgage leads from lead generation companies.  Consumers who fill out their interest on lead generation companies should be expecting multiple phone calls ( cold calls ) from various mortgage companies as early as the same day. These calls may continue for weeks if not weeks.

Choosing The Right Mortgage Lender: Loan Officer Name

When shopping for the right mortgage lender, make sure that the mortgage website contains a loan officers name and that the website is not generic such a BEST RATE MORTGAGES, MORTGAGE PROS, etc.  Read the About Us section of the mortgage website and research the loan officer. Google the loan officer’s name and see if there are either positive and/or negative reviews, complaints, or public records. Check out the loan officer’s testimonials and you can always go to www.nmlsconsumeraccess.org and see if they have any disciplinary actions against them from any states. Once you have done your due diligence, contact the loan officer and interview him or her on the phone. Even though it does not cost you a penny upfront to hire a loan officer, the mortgage application and mortgage approval process can be a very stressful process so you need to get along with your mortgage loan officer. Your loan officer needs to be available at all times and should give you their cell number.  You need to trust and feel comfortable with your loan officer and you should be able to contact them at any time, including weekends and late evenings. You should never hire a mortgage loan originator without talking to several other loan officers and see who you feel most comfortable with. Most mortgage loan approval process takes between 30 to 60 days so you will be dealing with your loan officer for quite some time until your mortgage loan closes.

Complaints Against Mortgage Lender And Loan Officer

Reviews should be carefully reviewed with any mortgage company and mortgage loan officer. With larger mortgage companies, there will obviously be bad reviews due to the volume that they do. Keep in mind that just because a mortgage loan officer works for a particular company with a few bad reviews that it does not mean the mortgage loan officer is not reputable. One mortgage loan originator not returning client’s phone calls and emails where the client writes a bad review about the mortgage company does not mean a fellow mortgage loan officer working for the same company is not reputable. More importantly than a bad review against a mortgage company, is the review of the individual mortgage loan originator. You can have an incompetent mortgage loan originator working for the best mortgage company and the borrower can go through a bad experience. On the flip side, you can have the best mortgage loan officer working for a mortgage company with numerous bad reviews. Reviews of the individual mortgage loan originator is more important than the reviews of a mortgage company since you will be dealing with the individual mortgage loan originator. Again, a reputable stellar mortgage loan originator who does volume may have a few bad reviews because you cannot please everybody. Be open minded and do not just look at the few bad reviews but also look at the positive reviews the loan officer has. Remember that there are always two sides of the story and do not hesitate to ask the loan officer about the bad review he or she may have posted online. Sometimes a mortgage loan officer may do the very best he or she can do for a mortgage loan client, however, due to a mortgage loan underwriter denying the borrower’s mortgage loan, the borrower may place blame on the mortgage loan originator and post a bad review on the internet.

The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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