How did you choose your Mortgage lender?

5 Replies

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~

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. :)

It depends on what you are looking for, for all of my clients buying a primary residence I send them to the same mortgage lender. For my investor clients depending on what they are buying I have a hard money lender ready to go, a few recommendations for conventional mortgage lenders, or they have their own and they are comfortable working with them.

As an agent their are a number of lenders I will not work with and I will express that to my clients. 

Depending on if you are looking for a good primary home lender or an investor friendly lender chat with an agent in your market.

@Bill Veight Are you approaching these lenders with a deal and asking for a quote? Most lenders have been very busy with PPP loans or refis, so I could understand why they are pushing you off unless you are looking to close on a deal ASAP. 

I would continue to call all local/regional banks in your area. I would ask for a loan officer with experience working with real estate investors. 

Be very clear what you want from them (e.g. I'm looking for 75% financing on a $350k tenant occupied single family investment property that I will be closing on in 45 days...) 

I would suggest figuring out your goals and working backwards.  Then find the lender that is easiest to work with and knows what they are doing.  There are so many different loan products that determining what you are are looking for first is the best bet.