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Advice on choosing a lender?

I have interviewed several lenders and now I am ready to refinance my home. I know lenders face lots of regulations but how do I know the lender I choose will be honest? What advice do you have on choosing a qualified, trustworthy lender? by fredmeyer74 from Baton Rouge, Louisiana. May 15th 2013 Reply


Barb Lanis (BarbLanis)
#71 ranked lender in Illinois - 663 contributions

Excellent, you've handled this well so far! Since you have already interviewed lenders, evaluate the following: Which one of them returned calls promptly? Which did not push you to make a decision? Which one went the extra mile in explaining your options? Oh, and don't forget to Google their name and ask them for a client reference or two. Good luck!

May 15th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,970 contributions

#1: Choose a licensed loan officer. Visit www.NMLSConsumerAccess.org. If at the bottom it lists any state, that person has a license. If it says Federal National Mortgage Originator, they are just an application clerk. #2: Get the hell off the internet. Go down to a local mortgage broker. #3: The guy with the lowest quote isn't usually the best deal - go with your gut.

May 15th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Joe's advice is perfect.. I couldn't have said it better.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

May 15th 2013
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

If you are looking for a great Loan Originator, The National Association of Mortgage Professionals has many very qualified Loan Originators. Many have earned Certifications based on our time in the industry and a good clear knowledge of Mortgage Lending. Members adhere to a strict Code of Ethics which benefits the consumer. You can find one that serves your area at www.NAMB.org. Use the Find a Mortgage Professional found on the right hand side of the front page. Click the Find a NAMB Broker tab and select your state. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

May 15th 2013
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Tim Howard (TimHoward)
#74 ranked lender in Ohio - 52 contributions

Research reviews on lenders you are considering as well as their BBB rating. This is a good starting point. Secondly, get a Good Faith Estimate & Truth In Lending Disclosure. If these documents match up to their quote, which they should, most of the numbers involved then cannot change without being redisclosed, with your signature of acknowledgement. Again, definitely read reviews when available.

May 15th 2013
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Chasity Graff (Chasity)
#9 ranked lender in Louisiana - 29 contributions

Read testimonials - ask friends and coworkers for referrals - and most importantly check the BBB ratings for any complaints. I'm a Baton Rouge mortgage broker and I have a A Rating with the BBB, I'm a member of the Louisiana Mortgage Lender's Association and the National Association of Mortgage Brokers. I would love to help or give you my take on your situation!

May 15th 2013
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Janine Bodway (jbodway)
#4 ranked lender in Montana - 42 contributions

Credentials are extremely important so doing your due diligence as suggested is a must. However, there is a rapport that is established between the client and the loan officer in nearly all cases. If your not feeling it, this is something to consider. I always tell my prospects that in your search you need to find someone you can trust, communicate and relate with. We do a lot of work on the sidelines for you and you have to be working with someone that you know is in your court. Lending is difficult these days and even the so-called "best" borrower can have issues and you will need a good, experienced loan officer you trust to structure properly. Much luck and look for that connection in your gut!

May 15th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

It's interesting you acknowledge the fact lenders are heavily regulated but in the same breath question thier honesty? Do you not trust Government regulation? If not, then please write your congress people on their ability to OVER regulate an industry and that is costing you money for thier OVER regulation but haven't touched the Banks in their Regulation, Hence what Joe eluded to above with the order takers. Morgage Brokers are ACTUALLY licensed and in my experience those that are still in the industry today have weathered the storm and have several years of experience.

May 15th 2013
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