How did you choose your Mortgage lender?

[Bill Veight]

I couldn’t tell which section I should ask this question, but here it goes....

No matter the circumstances, How did you choose your mortgage lender? Do you goto the same lender over and over again? Or do you goto different ones each deal?

I am having a hard time finding a decent mortgage lender. One of them ignores my calls/texts/emails.. a different one always gives me the, “once I get into the office, I will check on that” and I never receive any call back... another guy never knows the answers to my questions...etc

I suppose I’m just looking for advice on how to find a good mortgage lender. What questions do you ask? What things do you look for in a good lender?

Thanks

~Bill~

[Timothy Hero]

Most investors shop for each deal. I'm in the mortgage industry and I don't take it personally. I can close a $500k portfolio loan for a deal with a client and I don't expect his next deal to be with me unless our numbers work for him/her.

Choosing a lender should be based on rate, terms and reputation. I come across borrowers who choose another lender over us because they "promised" to close a week sooner. There are no promises in this industry, but lets say they hold true to their word. Ok, they can close a week before us, but you're paying an extra $150/month on the mortgage. That's $1,800 more per year (or less in your pocket).

These sort of investors are foolish and aren't rational. They lack patience. If you're purchase contract is about to expire, then fine. But on refinances, it's laughable.

Don't be like these borrowers. :)