Picking a Mortgage Company

The first thing you should think about when buying a home is getting a mortgage. Every home purchase comes with one, but you want to make sure you are using a reliable and honest company. This is a 30-year commitment in most cases, so doing your homework can pay off.

Why do you need a good mortgage company? There are many reasons why it is important to research the company. A home loan is a very large loan, and there are a lot of terms written out, sometimes in fine print. This can catch you off guard down the road. Some mortgage companies might be dishonest and take advantage of you. This can cost you more money, cause you to pay additional fees, and up your interest rate. These are only a few reasons. So how do you know if the company is a good one?

Do your homework and research the company. Once you start thinking about buying a home, you will notice the amount of mailings you receive from mortgage companies, the number of commercials geared toward it, and how many calls you will get if you apply online with a mortgage broker for a pre-approval. Don’t trust the ads, do the legwork to get a great company.

Asking for referrals is one way to get the scoop on a company. Ask friends, family, and coworkers. They most likely have some input on a company whether good or bad. Ask me! I have been in the real estate business and have mortgage companies that I trust and rely on daily. I would love to introduce you to a great company!

Decide if you want a big or small company. If you like a more personal service, use a smaller local company. If you want to get it done faster and more streamlined, use a larger company. There are great mortgage companies of both types, so this is a personal preference. Some larger companies will offer things like online bill pay or automatic deduction.

Check on the company’s reputation. Are they accredited? Have they had any problems with the Better Business Bureau? What is their standing with the Chamber of Commerce? Check their website for reviews, and Google the company to see what people are saying. Use the Internet to your advantage. In this day and age, there is more information available than you can ever need. Search for information on the company, and see what comes up.

Customer service is something that you definitely want to verify is good. Dealing with a mortgage company that is short staffed, rude, or uninformed is not a good experience. Do a test call and feel them out. Ask some general questions about mortgages and loan terms. See if you are stuck on hold awhile, rushed off the phone, or if they are rude. See if they put you on hold to find out answers to your questions. Do they know what they are talking about? After the call, sit down and write down what your first impression was. First impressions are usually the most reliable.

When you are ready to start your mortgage company search, give me a call. We at The Lobas Group are here to help you with your real estate needs! If you are unsure what your options are, call me, Ian Lobas at (410) 560-5858 or email me at listwithian@gmail.com. You can also visit us at our website for available listings and additional information.