Best Home Loan Companies
Finding the best mortgage lender and
best home loan companies
For most borrowers, the challenge is not in finding a Home Loan Company, but in sorting
through the throngs of banks, online lenders, mortgage brokers and others eager to take your loan application. How
do you choose which one will offer you the best deal, and competent customer service to boot?
Cut through the thicket by shopping broadly and then narrowing your focus as you learn more
about what type of lending environment makes you most comfortable. Begin to familiarize yourself with various
lenders and the deals they're offering by browsing around the mortgage rate tables on Bankrate.com.
Then take your shopping a step further. Go to the bank or credit union where you already have
a checking or savings account and ask what types of mortgage deals they offer current customers. And be sure to ask
friends and family members for referrals to loan officers and mortgage brokers who gave them good, professional
service and helped them find the most competitive loans.
DIY or hire a broker?
One important decision will be whether to pursue a mortgage on your own or to use the
services of a mortgage broker. While a good mortgage broker can shop your loan among several lenders, it's
important to understand that brokers don't have special access to deals that are unavailable elsewhere. And a
broker is not obligated to find the deal that is best for you. Some have been known to pair a borrower with the
mortgage that offers the broker the greatest profit, instead of the lowest cost to the borrower.
Before working with a broker, take the time to talk with two or three of that broker's most
recent clients. Ask if they received the same type of loan the broker promised, if the costs were in line with
their expectations, if interest-rate lock-ins were obtained without delay and if the closing was smooth and on
time. Even if you decide to work with a mortgage broker, your time spent shopping other lenders will help you judge
whether the product the broker comes up with is indeed the best deal for you.
Talk with your real estate
Always ask your real estate agent for recommendations to good lenders. Even though some
brokerages have their own in-house affiliated mortgage lending businesses, good agents will not limit their
referrals to just that in-house lender. And because agents direct business their way through boom times and slow
times alike, smart loan officers take good care of the clients sent their way by local real estate