Mortgage Lender Ratings

Most consumers are happy with the lender they are with. However, Remember that Lenders have a limited number of in-house loans available. Brokers can shop many lenders for each lender's store of loans. Consumers who have special financing needs but can't find a lender to suit them may get the loan they need from an experienced broker skilled in ferreting out special loans.

Fewer than one-in-two consumers who rate their lender less than perfect, would recommend them to another person.

Its a game based on your needs and desires. Direct lenders have money to lend and they make the final decision on applications. Brokers are intermediaries who, like you, have many lenders from which to choose but have wholesale rates that are usually considerably less than retail banks.

Your loan is usually sold on the secondary market to another lender, so you should not worry about which lender you end up closing your deal with.

To get a good mortgage rate or competitive mortgage quote, consult with a mortgage broker. Mortgage broker's have access to numerous mortgage lender's wholesale pricing and can pass those savings along to you.

Lender ratings also depend on the secondary market that purchases loans from the originating companies. This helps keep rates low and money moving through the market.

The mortgage professional that you deal with should be able to provide you with references of past customers. This should be more important and relevant in your transaction than a lender rating.

» DISCLAIMER: The information contained in this article on 'Mortgage Lender Ratings' is a collection of contributions by licensed mortgage professionals and is not the opinion of Broker Outpost LLC. Always consult a licensed professional before applying for a mortgage.