Most times, hardly. Yet there can be some differences that should be considered.
Start early in your research
Have you ever made a rushed decision & regretted it? Regrets tend to happen in the heat of the moment. You LOVE that house & HAVE TO HAVE IT! When you’re running high on emotion, common sense & due diligence are out the window. Know who’s going to handle your mortgage financing first before you let your emotions get in the way.
Know the costs
Unfortunately, there are lenders who aren’t upfront. They may seem so much lower than other companies until you get your loan estimate & you see the charges involved with getting said rate. Those charges are known as points. A good lender will be transparent about their lender fees & if points are or aren’t aligned with your best interests & goals.
Careful on the cheapest
As an example, in some instances our lenders fees may be a few hundred less or more than our competitors. I used to have a competitor whose fees were over $1k less than us. In a few instances, my transparency won, & I was able to help clients with their mortgage financing. In 2 other instances, I was asked to clean up this company’s mess by helping a Realtor’s clients where this lender could not get the deal closed due to complications. Lately, I haven’t competed much with them & as I thought of posting about this this AM, I Googled the company. Their CEO fired 900 people over Zoom & in a Forbes article from late Summer 2023, they were struggling to keep the company afloat. This is one of THE biggest financial moves one will make. You want cheap, be careful! For those who simply see me as a commodity, I’ll nicely punt and wish them well.
Rates change daily
The market is extremely volatile, & there are days where rates will changes multiple times in the course of one day. Your lender who quoted you X a few months back wasn’t taking advantage of you. Rates were higher then, and if you haven’t connected with them since you first spoke to them, give them a chance. Though, if they or their team aren’t keeping in touch, do they really care about you?
This is an article that was posted from one of my preferred lenders, Suzanne Caldeira. I think it’s important to understand and so, with her permission, I’m posting it here for you!
A note from Me:
I’ve worked really hard over the past ten years to cultivate relationships with the top rated lenders that serve our local market. When I tell you that I get calls from mortgage lenders inviting me to coffee every single week it’s not an exaggeration. Mortgage lenders primarily rely upon referrals from real estate agents and so top producing real estate agents are always getting calls from lenders who want into their inner circle. Some Realtors will have one lender that they refer all business to but I want to ensure that I’m matching you to the person that will be the best fit for your personal needs. I also know that some folks want to be able to shop around. Like me, the folks that I partner with lead with a mindset of service and long term relationships with the ultimate goal of earning your complete trust and raving loyalty; working to make sure that you tell your friends and family members that there is NO ONE else to even consider!