Unless you’ve stuffed your mattress with money, odds are that you have a relationship with a bank. That bank likely offers home loans and it may seem like the easiest option to just chat with them about your hopes of purchasing a home. Easy, yes. Best for actually accomplishing your goals? No. Not by a long shot.

We always recommend that our clients speak to at least two lenders and preferably one Mortgage Broker and one Mortgage Lender.

Mortgage Broker v Mortgage Lender

A Mortgage Broker shops the available loan packages on the market, using various investors which include the major banks and government-backed options, to find the best rate and/or scenario for your particular loan. They are especially helpful in unique or creative financing situations.

A Mortgage Lender will consider those loan packages backed by their investors to determine the best of those options for your situation. They are especially helpful when purchasing land, building or a condo that isn’t FHA approved.

Criteria to Consider

The single MOST IMPORTANT thing to consider in a lender is this: Who is going to be there when you need them? If your dream home is considering offers at 8pm on a Friday night and we can’t reach your lender for a preapproval letter or your loan hits a snag just before Closing and they stop returning our urgent phone calls trying to fix it, then the few hundred dollars you were going to save on Closing costs won’t seem like such a great deal. Its important to balance your costs with a lender who values communication and education. Unfortunately, major banks are very rarely good at either of those critical pieces.

Who do we recommend? That part is easy. Our Recommended Mortgage Professionals are consistent in acting in integrity, going the extra mile, matching rates to be competitive and just generally raising the bar in the industry. We can’t guarantee their service, of course, but are always relieved to see them on one of our transactions as we know it will be smooth sailing and our clients will be happy.