Types of Mortgage Lenders

Which is best?

If you ask any loan officer, they will likely say the lender they work for is the best and give you many reasons why they are. If you meet the same lender years later and they work for a different lender, they will likely give you another list of reasons why that lender is best.

Real Estate Agents have varying beliefs about lenders and their opinions change over time. At one time, most would often recommend portfolio lenders, since they practically always closed the transaction. As time passed, mortgage bankers and mortgage brokers became more influential and agents switched with the changing times.

Often a Realtor will guide you to a specific lender who has demonstrated a good track record of service and reliability; or they will suggest a loan officer who works for a lender affiliated with their own real estate office.

Often it is more important to select a good loan officer, not the lending institution. Loan officers typically have a few jobs. A primary one is to be your advocate in getting the loan approval. Another is to provide quality loans to customers. Choosing someone who has proven to be dependable and ethical in the past is best. Realtors typically have lenders they have used in the past and because of dependability and trust, your Realtor is often a good source to turn too to find a reputable lender.

%d bloggers like this: