Does it matter who my mortgage lender is? Or just lowest fees?

We%26#039;ve contacted one broker who had the lowest rate on Bankrate.com; one %26quot;upfront%26quot; broker a friend had used; and the bank loan officer our realtor wanted us to use.

Obviously, the application fees, etc., are different. But they%26#039;ve already disclosed the fees (no points) on the Good Faith Estimates. Is there any other sneaky business we should be watching out for? Is it safe to lock in a low rate from a broker we pulled off the internet, or are there other factors to consider? The internet broker has been very professional and very diligent, so i%26#039;m inclined to trust his company to do a good job of moving along toward closing (in 6 weeks) but we%26#039;re inclined to go with the guy that someone else we know has actually used...

Just wondering if there are any downfalls to choosing an unknown broker. Yes, we know the mortgage will be resold immediately, but do we care?

Does it matter who my mortgage lender is? Or just lowest fees?quick loan

I hate to say this, but often %26quot;friends%26quot; or prior associates do not always give a customer the best deal. IF you can get a lower ratewith another company, who you get it through is immaterial at this point. Most companies sell there loans so in a few months you will most likely have another mortgage lender, so who you use today will not matter.

I have found that if I shop around I have gotten better rates on my own because the %26quot;unknown%26quot; vendor wants my business, whereas my %26quot;friend%26quot; is looking to make the most money he can from me.

Does it matter who my mortgage lender is? Or just lowest fees?

loan

The only pitfall I have seen with Internet brokers is getting them on the phone when it really counts. I have had a contract fall through because the mortgage broker wouldn%26#039;t pick up the phone. Since the office was over 1,000 miles away it wasn%26#039;t like we could go there and talk in person. A lawsuit is pending. Best to go with a broker or loan officer that is close enough to drive to if needed if you are purchasing a house. If you are refinancing you can safely go with anyone as time is not as much of an issue.

FYI - While they were trying to get my client to take a loan with them they always answered and were super attentive, that all stopped about the time they sent out the appraiser. The appraisal came back over the purchase price then the broker stopped answering the phone and took days to call back.|||I am a loan officer and have been doing this for quite some time. It does matter who you use/work with. I am a very blunt and upfront person as well but this is all for the wellbeing of my potential customer.Let me put it to you this way...if I dont charge a customer closing costs meaning loan origination or discount then I must/have to be making money on the back end of the deal..meaning the lender is paying me X amount of dollars for the interest rate I am giving you. What I like to do with my customers is charge 2% up front for origination and give them the lower interest rate and not make anything from the lender for charging a higher rate. Basically summing this up...you can get a lower rate than what you were quoted. This is for all customers out there....no one works for free not even yourselves..and if you do, then you are truly a disciple of the Lord...I will certainly not work for free because most of us have families to feed and take care of..

I hope this has helped you and other people out...

a best answer would be awesome!!!

thanks-|||This is what my lender friend Dave says:

Choose your provider according to preliminary %26quot;quotes,%26quot;

And you%26#039;ve simply chosen the most successful Liar.

Choose according to character quality, competitiveness,

honesty, and your personal assessment,

And you will set yourself up for the better Experience AND

the better bottom line pricing!?

Cheers,

Dave Donhoff

Strategic Equity %26amp; Leverage Planner