How did you decide on a lender?

lmh6 · ‎05-21-2015

I've been using this forum to help get me ready to apply for a mortgage. I'm now ready and would like to apply within the next day or so to see if I can get an preapproval. How do you decide on what lender to choose? Traditional bank? Broker? I bank with PNC and Chase and was thinking of applying with one of them. Any advise? My mortgage fico as of "just now" are EQ653/TU627/EX608. I have 2 collections on TU (one paid for delete that hasn't hit my report yet) & 2 collections on EX. No late payments in the last year. 3 credit cards, 2 student loans, 1 car note all with good payment history (car has 2 lates about 1 1/2 yr ago). Several really late charge offs that are over 5 years old

sports1965 · ‎05-21-2015

recommendation from a board member

forget the big banks

look for a mortgage banker

Anonymous · ‎05-21-2015

our realtor referred us to our lender and the experience was nothing short of AMAZING. My mid score was 580.

Not sure if this will let me post this, but we used Vinson Mortgage Services, Jeff Hussey is the LO.

DI · ‎05-21-2015

If you apply for a mortgage with Chase, I can give you a contact to my LO. She is absolutely the best!

Anonymous · ‎05-21-2015

If you have any realtor friends, ask them who you should use. They refer people to the lenders they like and are good.

If you don't have that, then you will need to do some research. If you have a realtor that is not a buddy, they will refer you as well.

Just be careful. Lenders will say that they will "pay" your closing costs. But that is not the case. They will credit you at closing, but raise your interest rates to cover the costs. My lender showed me her screen of how it works and I respect someone that is upfront with me.

lmh6 · ‎05-21-2015

Thanks for the advice all. It gives me something to think about

Anonymous · ‎05-22-2015

If you have a realtor you trust, I would ask them for a referral. If you don't, some research and a few phone calls to get a feel for different lenders may be required.

I would recommend staying away from the big box banks and focusing your search on correspondent lenders (mortgage-only banks who use their own underwriters and funding). Although not the case 100% of the time, typically you will receive better service from a correspondent lender.

StartingOver10 · ‎05-22-2015

@Anonymous wrote:
If you have a realtor you trust, I would ask them for a referral. If you don't, some research and a few phone calls to get a feel for different lenders may be required.

I would recommend staying away from the big box banks and focusing your search on correspondent lenders (mortgage-only banks who use their own underwriters and funding). Although not the case 100% of the time, typically you will receive better service from a correspondent lender.

+1 Agree with dpeezy