How to know which mortgage lenders to stay away from?

I am buying a home and am comparison shopping among different mortgage lenders. The usual big names like Countrywide, Bank of America, Citibank etc have higher rates than the lesser known/unheard of places. How can you know which ones are reputable and which ones to stay away from? Specifically wondering about Liberty, Alpine, Quicken, Priceline etc. Is it important to go with a local, %26quot;known%26quot; lender or non-local lesser known ones?

How to know which mortgage lenders to stay away from?fha loan

Believe me when I tell you that the internet lenders always tell you they have a lower rate, then wham! At least with the local lenders if something goes wrong you can walk into their office and face them. You won%26#039;t be able to get your internet lender on the phone! Now I have worked with Alpine Capital - Chris Preston, but Quicken will charge high fee%26#039;s, don%26#039;t know Liberty, and Priceline? OMG! That is like a car dealer here in Minneapolis opened his own Real Estate firm and mortgage company. I strongly urge you to use local lenders for now.

How to know which mortgage lenders to stay away from? loan

going to the big banks will always give you a slightly higher rate because of their huge overhead.

it really depends if you have good credit or not...decent to bad credit ....a broker will always be your best choice.|||Two things to look at: Is the lender licensed in your state? This is supposed to be stated in the small print. If not, ask. Check with the licensing agency for complaints. Don%26#039;t go with unlicensed lenders. You will have no help if things go wrong.

Second: Don%26#039;t go with a lender that promises too much. Go with a solid repayment program you can afford. No money down and interest only for five years usually only leads to one single outcome: you lose the house at the end of five years, because you will not be able to afford the sudden large increase in payments.

If you are planning to own the home for a limited period of time (or you might suddenly have to relocate because of a job), it is worth checking on prepayment penalties and loan transferrability. Look up those terms if you don%26#039;t know what they mean.

Good luck to you!|||Your best bet is to do your homework- one lender may have the lowest rate, but they may hit you on closing costs. One may have a higher rate, but have low closing costs. Personally, I have some recent experience and can tell you- go with your local bank or credit union. The ability to talk face to face with a mortgage lender is highly underrated today, with internet deals here and there. I find that the smaller, local banks are easier to work with and are way more eager to please and not so quick to pull bait and switch tactics, since they%26#039;re not %26quot;protected%26quot; by being nameless...

Good luck!|||All lenders get their money from the same investors on Wall Street. They are not lending their own money. If anyone says they can get you a dramatically lower rates they are either about to defraud you or they are quoting a different type of loan than the others.

Think about it. If you were a crook and wanted to steal money from people wouldn%26#039;t it be great to be a lender on the Internet where you could change your name next week and no one could find you? Or if you were not even a lender and just wanted people%26#039;s credit information so that you could directly steal from them, would this be a great way to do that?

I sell a lot of houses and watch a lot of smart people borrow a lot of money. Getting a loan over the Internet is asking for trouble. Ask your friends and family that have bought homes recently where they got their loans and if they were happy with the process.

Go get your loan thru them.