How to choose a lender

Let's face it - when it all boils down, loan professionals are very much like sales professionals. They are "selling" their mortgage products to the consumer for the company that they are working for. In other words, the person you are talking to most likely does not own the lending institution that they are working to get you into a loan with - they work for that company, and the loan you would ultimately sign your name to would be for the company, not the loan officer.

I've had the privilege of working with many different loan officers. And while I'm no "insider" when it comes to originating a loan, I have closed enough of them to see some of the things that can go on. So here are some of my tips on how to select a loan officer/lender, but by far the most important, in my opinion, is the first one below:

Honesty - Does the loan officer tell you honestly what is possible and what is not? A good loan officer will tell you upfront whether he can do what you are hoping for, instead of stringing you along and wasting your time. In the end, time spent in a failed loan process can sometimes cost you money. Whether it's from any upfront application fee they collect, or a missed window for a low interest rate. Or in the worst-case scenario, it can cost you the home of your dreams (if you are in the midst of a purchase). 

Reputation - Not only of the lender, but of the loan officer as well. Do you know anyone else that has signed a loan with them? Referrals are really the biggest compliment.

Trust - You should have at least some comfortable level of trust with your loan officer. A mortgage can very well be the largest debt you will owe, you should trust that this person has found the best mortgage package for you. 

Competition - Shop around! Get quotes from different lenders. Try a broker, see what they can offer. Brokers often get a bad rap, but sometimes they can be the ones that save you the most. Or go straight to the bank and skip the middle man. It doesn't hurt to spend an extra day or two seeing what someone else can offer.

And lastly - Honesty (see above). 

When in doubt, ask another person's opinion. Your realtor (Oxana Ritz!) is a great resource, as are so many others in the real estate industry. Or please feel free to send me a message, and I would be happy to give you an unbiased opinion. 

Have a great weekend everyone!