Best mortgage options today

[William Allen]

I am new to the forum and am about to buy my third investment property.  My question is about today's best method of getting a mortgage. 

I am looking to get a 30 year conventional mortgage with 20% down.  In the past I have shopped around with brick and mortar banks, internet companies and credit unions I belong to.  However, I was contemplating using zillow or some of the other companies that use multiple lenders to find the best rate.  

What is the best method of finding the lowest rates today from all of your experience?  I know my loan is going to be sold the month after I get it anyway so just looking for the best rate and lowest upfront costs now.  Thank you in advance!

-Bill

[Albert Bui]

@William Allen

There are basically 3 categories when looking for lenders and 3 types of lenders as well in the residential space.

-Price

-Service

-Advice (Competency, & follow through)

If you get more of one you'll usually lack in the other areas. So pick wisely.

What I've found out is that those that are starting out tend to focus more on price as most important. When your financial scenario gets more complex you'll probably find a lot more head aches and it will not be worth your mental sanity and time to focus on price but rather competency and service.

The 3 types of lenders are:

- bank/retail loan officers which work for a big bank or community bank - Chase/ B of A/ Wells/ or community retail lender

- internet lender - ditech/quicken loans/ etc

- mortgage bankers/brokers/independent loan officers/specialists

Depending on what you value on the 3 categories up above (Price/Service/Advice) you may want to pick one type of lender over the other. 

The above is my 2cents on lenders from the day to day perspective of being a mortgage planner and from the perspective of applying for loans to invest as well. The clients I serve are generally more service and advice focused but sure from time to time I'll entertain price matches if the quote is legitimate and it makes business sense to do so. In the end, however you tend to get what you pay for.