Contrary to popular borrower belief, the mortgage business is actually more about people than numbers.
In the beginning it might be all fun and games with X's & O's and spreadsheets of mortgage quote comparisons but when it comes down to the end of the contract date, it'll boil down to how stressful (it was or wasn't) and how direct the mortgage professional was in caring enough to get it closed. Mortgages are a lot like tattoos: Great mortgages aren't cheap and cheap mortgages usually aren't great..or at least the process of arriving isn't.
So without further adieu, here are the TOP areas to focus on after digesting all of the $'s and cents when committing to a mortgage lender or broker with what is likely one of (if not the) most significant investments individuals can make.
Communication - Text, email and phone. Before, during and after closing your mortgage professional should be responsive. Furthermore, there are no weekends in Real Estate. Sundays are not a banking holiday, even if they're at the football game..Status updates and running ahead of schedule are essentials not luxuries.
Wealth of knowledge - It's easy to quote a loan, it is much much harder to get one closed. The nuances of mortgage lending are constantly evolving and time sensitive. Experience can be the difference in structuring a deal to make it work and ultimately acquiring the property successfully. Tough questions should be met with direct and accurate answers.
Caring - Professional services can be summed up as 'treating people the way you want to be treated.' I'm guilty of this to a fault at times, prioritizing other peoples families over my own even..but success takes sacrifice and top real estate professionals are generally rewarded for their contributions to protecting and providing for their clients. Aligning with a mortgage lender that puts their clients first pays off when the going gets tough..and it always gets tough no matter how 'clean' the borrower. Just ask anyone that's had to close on a weekend before a holiday, they probably would've paid anything to have their loan officer care as much as they did before leaving on vacation for a week..
Highly Recommended or Reviewed - Let's be honest..reviews matter. For some reason sometimes it's hard to get clients to complete them, but if a mortgage broker has 20-30-40 five star reviews..safe to say your experience will be as expected.
Local or National Expert - There are certain areas of the country and property types where the most advantageous place to seek financing will be with a local lender or recommended area mortgage broker. Since many investors are now open minded and seeking absentee investments in other geographical areas having a national lender in your arsenal will allow for a lender with familiarity with your portfolio or goals when a 'dream' property or 'too good' to pass up investment property pops up in that town you've been looking into.
My advice for conforming borrowers (FHA, VA, AA+, W-2/Full Income) is to check with your current bank or credit union with established relationship. If it's a Mainstream bank like WF, BofA, Chase they'll likely be most worthwhile on a plain vanilla primary purchase, and provide a good frame of reference as you shop for mortgage options. Your real estate professional will generally be the best source for a reliable closing and I think BP would probably be my next source for a quality lender.
