Criteria choosing a local lender?

Question

Hi there!

I am getting an FHA loan soon and have been calling around local lenders. I was told that the interest rate will be the national rate whichever lender that I go. What criteria should I look for to choose for the best lender? Thank you!

JD Martin · Answer

Hopefully you have a good relationship with a local bank that can get you started. Even if you use a national group, I have always found that it is useful to have someone I can have face to face time with to move things forward if necessary. Rates are usually similar in my experience whether local or national - though that may be different if you were in a really small or risky area.

Daria B. · Answer

You will want to find out what their particular lender fees are. Rates are not going to be determined by them but each may have different in-house lender fees (ie processing).

I have a local person that was with another lender on my last deal and has now moved for a better position to another lender. In my case, I follow that person because not only does she know me but the lender she now works for have reduced fees than where she was.

I also recently met a mortgage broker that says I pay nothing because she gets paid from the lenders she deals with. I've not tested that to see just what service and loan I could get yet.