How do I pick the best lender?

For first time buyers, look for a Mortgage Broker licensed in your area. Brokers have access to many different lenders to offer up a variety of options. Banks and Mortgage lenders generally only have their own products or a limited offering. As an example, as America's largest Independent Mortgage Brokerage, NEXA Mortgage has access to over 150 different lenders and well over 1,000 different loan products for our borrowers. Reach out and let's make you an owner.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, MO, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300

Great question. For most people with typical situations, every lender is going to have the exact same basic programs with the exact same guidelines. For example, your standard FHA, VA, Fannie Mae and Freddie Mac loans all have the exact rulebook that all lenders use. Getting into some oddball needs, it may make a difference in products lenders can offer, and brokers will always win here, with the option to pick from many different lenders, versus the typical bank which only offers it own products. Next is rates. We all get the money based off the exact same mortgage back security bond market everyday. This is why you see lenders all quoting basically the same. The big difference here is cost and margins. Most brokers work with less overhead costs, and therefore can work with smaller margins, giving you better deals, while banks and places with huge advertising bills have higher overhead and need bigger margins. Think of the place with a rocket... How much do they spend on advertising?? How much does that increase your rate? Next is closing costs. ALL LENDERS have essentially the same costs to do your loan, and especially the exact same 'pass through third party costs' - think appraisal, credit reports, title companies, and state/county fees. NO LENDER WORKS FOR FREE. So any place claiming no lender fees, or other similar type hype are just hiding the actual costs into the interest rate. No cost, or reduced costs loans are no good or bad. Just something to factor into the picture. All these above items are pretty tangible to look at. The HUGE missing piece for most people is failing to understand the importance of the actual Loan Officer you are dealing with. A low level unlicensed application clerk is very different than a fully licensed Loan Officer with 30-years experience. So who is the best lender? Ultimately, a good local mortgage broker, and a Loan Officer there with a lot of experience is always going to be your best bet. I lend for properties in MN, WI, IA, ND, and SD. Find me at JoeMetzler.com, Cambria Mortgage, NMLS 274132