How to find a list of local lenders

Question

Is there a simple was to find a list of local lenders in my area with contact info and rates? A few years I would've looked up banks or mortgage companines in the phone books "Yellow Pages".  Do they even print the yellow pages anymore? I'm from Massachusetts.

Sean Doherty · Answer

I'm also just starting out. Currently live in Halifax and looking to house hack in Whitman, EB, or Bridgewater. Im working with Radius financial group in Norwell. Got referred to them from my agent. There's a BP member who works there that I met at a meet up in Plymouth, I'll send you his info if you want.

I've also been referred to RMS in Middleboro by a few people but I haven't dealt with them yet

Jiva Segaran · Answer

@Marie Fries I recommend Jeff at Star Mortgage is a local broker who will shop around a few banks for you.

Jim Vanhorn · Answer

@Marie Fries A while back I did a google search for all banks with branches in NJ. Buried somewhere in the search I found a state website with a downloadable pdf that included bank names, number of branches and HQ address. since everyone says smaller banks are more investor friendly I contacted a few of the smaller ones. I now have 2 mortgages with one of them from that list.

Shawn Krieger · Answer

@Marie Fries

I hope you do!

Chris Mason · Answer

All the online "marketplaces" charge exorbitant advertising fees which are obviously passed onto you in some form or another.

I bet your Realtor can give you a name or two. The relationship dynamic there is referrals back and forth that ultimately make the person who provided the referral look good (RE 101: you don't refer people to dummies), which by contrast has no $ expense that gets passed onto you.

3rd resource is your friends/family/coworkers. They will have an anecdote about how good/bad their experience was.

A 4th resource is your local REIA meetup. Buy someone a beer and ask them who does their loans.

Chris Mason · Answer

Local mortgage broker can check a couple dozen lenders without the 45 minute sales pitch and handing out your SSN each time. By all means call a bank or two yourself directly to keep everyone honest.

Shawn Krieger · Answer

The more brokers you shop The better deal you get

It’s just how it works

Charles Kao · Answer

@Shawn Krieger What exactly is your experience with brokers versus banks besides being an extern?  Speaking from personal

experience there are many situations where brokers do not make sense because they don't like to hold debt so they prefer to originate debt that can be sold on the secondary market.  Secondly brokers often do not like to do loans under 500k in secondary or tertiary markets and or charger higher third party fees where it does not make sense because they are not familiar with an area.  We had one deal where the appraisal was 1200 higher because they wanted an appraiser from

3 hours away do an appraisal.  Having a strong relationship with a local bank is also very valuable with obviously the biggeat downside being if they can't do the loan then that could be detrimental to close the deal

but you can negotiate terms like prepayment penalties much easier.  I almost always shop

a broker and a number of banks so I get a snapshot of what both can offer. My relationship with a local lender has gotten me first access to their banked owned assets which is huge getting off market deals from

the bank directly, a large unsecured line of credit with no annual fees at prime plus 3

percent and also the underwriting process is smooth because I can talk to the PRESIDENT directly and they are familiar with my finances. To get that level of service from

a broker is difficult when they have clients giving them millions of dollars in business.  Now times have changed because now that I'm doing million dollar deals I can get a different level of service but for you to write that post as a novice to the lending industry and in a private message to me say that it is an advantage because you have more energy to hustle is laughable.  I will go with an experienced lender any day because they have a reputation to protect in addition to skin in the game.

Sam Shueh · Answer

Making for sense to deal with big national lenders. Small local lender and online preapproval letters are not credible.

Shawn Krieger · Answer

Brokers can also cater to your special needs

If anything They have more resources because they deal with many banks

Thereby getting the best deal

How to find a list of local lenders

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