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Joe Metzler, MLO. NMLS #274132

Are big national lenders best?

Sunday, December 15, 2013 - Article by: Joe Metzler, MLO. NMLS #274132 - Cambria Mortgage - Message

You and I are constantly bombarded with some big national lender advertising. Because they are familiar to you from a TV or radio ad, does this automatically make them the best place to get a mortgage loan? The answer is no. 100% absolutely no...

You need to understand that all lenders underwrite to the same program (Fannie Mae, Freddie Mac, FHA, VA, etc.) , get their money from the same sources, and have to pay the same third party fees (appraisal, credit report, etc).

The real difference from any lender on any given day might be about .125% for the same program when comparing the same closing cost quote.

Most of their so called "deals" simply employ creative low ball quoting that the average homeowner doesn't understand. To make it worse, these types of companies typically employ low level, low education application clerks. Is that who you want handling your largest financial transaction? An application clerk?

Another item to understand... if all lenders get their money from the same bond market on the same day at the same time. If all lenders have essentially the same costs to close your loan. How does the company advertising on TV and radio all day, everyday, in all markets across the country pay for that huge expense? Well silly... They charge it to you!

We have a saying in our office. They more they advertise, the faster you should run away.

Your best bet has always been, and continues to be to go visit your local licensed Loan Officer at your LOCAL mortgage broker.

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