Posted on: 07th Feb, 2008 09:20 am
My husband and I are looking to do some home improvement and considering taking a mortgage loan. What should we do to make sure the company we choose is okay (since we may not be dealing with a traditional bank but possible local mortgage company).
usually, one of the best ways to tell is with references from others (friends, acquaintances, family) who may have done business with the company previously.
you can also readily determine if the company is a subsidiary of a bank or a bank holding company, which may influence your feelings about them.
you need to know how accurately loan products are being portrayed, and you will, of course, need to develop some kind of rapport with the loan officer in question. though there are good loan officers with bad companies, and bad loan officers with good companies; i think you will find, in general, that a good loan officer is more likely to be working with a good company.
depending on the product(s) you are offered, this will also be impactful on how you view the overall process.
another question, tonya - do you have a lawyer who you deal with who might have done work with this company before? how about an insurance agent or financial adviser who might know something?
though you can sometimes get too much advice from your "friends" it is rare that the advice you get from professionals will steer you wrong.
you can also readily determine if the company is a subsidiary of a bank or a bank holding company, which may influence your feelings about them.
you need to know how accurately loan products are being portrayed, and you will, of course, need to develop some kind of rapport with the loan officer in question. though there are good loan officers with bad companies, and bad loan officers with good companies; i think you will find, in general, that a good loan officer is more likely to be working with a good company.
depending on the product(s) you are offered, this will also be impactful on how you view the overall process.
another question, tonya - do you have a lawyer who you deal with who might have done work with this company before? how about an insurance agent or financial adviser who might know something?
though you can sometimes get too much advice from your "friends" it is rare that the advice you get from professionals will steer you wrong.
Welcome tonya,
You need ask some questions to the lender and find out if he's the person you can work with. Go through the list of common questions at http://www.mortgagefit.com/choose-lender.html .
You need ask some questions to the lender and find out if he's the person you can work with. Go through the list of common questions at http://www.mortgagefit.com/choose-lender.html .
I always suggest to people they talk to a local bank, a broker, and a retail lender. Test their customer service. Do they call you back, do they explain loan products, are they accessible?
There is no sure fire method because it is usually not just the lender you choose, but the loan officer you deal with. Even the best lender might have a couple poor loan officers.
There is no sure fire method because it is usually not just the lender you choose, but the loan officer you deal with. Even the best lender might have a couple poor loan officers.
