What to Look for in Mortgage Companies

Written by: Scott Sery

When making the largest purchase of their life, the financially savvy consumer doesn’t rush into it.  Taking the time to shop around and compare mortgage companies will lead to a more informed decision, the best rate, and reduce buyer’s remorse.  As the consumer, you have choices, and when you start the search for a new mortgage, make sure to watch out for these things to help guide your decision making.

Reputation

The first place to start when researching a company is to check with the Better Business Bureau.  The BBB is a one stop place to find out the ratings of a company.  There is some controversy as to whether or not they are biased, so more research, such as on Angie’s List or other sites online, is in order.  If nothing turns up, ask around to friends and family.  Where did they get their loans?  What was their experience?  Finally, one of the best judges of a company is simply how long have they been around?  If they have survived the test of time, they are usually doing something right.

Inventory

Many mortgage companies simply do not carry the whole lineup of mortgage products.  The buyer should know well in advance what they are looking for, and what they want before they even sit down with a lender or broker.  Tell them specifically what you need.  If they try to offer you a different mortgage product, then take some time to look into it.  You do not need to make a decision at that moment, anyone who pressures you to do so is not looking out for your best interest.

Choices

Your real estate agent will often suggest a lender.  It is fine to get a quote from that lender, but there is often some sort of kickback agreement between the agent and the lender.  Before even sitting down with the lender recommended, do some research and learn about their history.

Researching

A quick search on Google for “Best Mortgage Companies” will yield thousands of results.  After reading a few of the articles you will find that every article lists a different company as the best one to work with.  While they may be a good company, the author of the article may have ulterior motives and not be quite as unbiased as he or she should be.  This is a great place to start and look for ideas, but be sure to do your own research and decision making.

The biggest thing to look for is the company’s reputation.  One that is dedicated to their clients will do everything they can to uphold that reputation.  If they are just in it to make a quick buck it will be reflected in the reviews they receive.  Finding a company that offers a great rate and great service is what you want.  Those that are pushy and try to rush the deal should cause red flags to go up, and you may want to look elsewhere.  Which mortgage company is the best?  The one that makes the process easy and causes you to leave happy and satisfied that you got a good deal.


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What to Look for in Mortgage Companies

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