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Loan Officer, with credit union or bank? Advise please

My wife and I are in the process of buying a house soon, we have to talk to a loan officer first to see where we stand with our budget. Which one is more recommendable? 
  • March 23 2011 - Highland Park
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Answers (9)

Profile picture for CallTheSisters
If you have accounts with the credit union it might be a good idea to speak with them first.  Credit Unions who specialize in the financial needs of the military, teachers and other professionals often offer very competitive financing options.

A buyers agent in your area can probably give you the names of several types of lending institutions who have a good reputation in the community.
  • March 26 2011
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Hello. Our affiliate mortgage broker is the best in my opinion. They work miracles and always put their clients first. I don't think I'm allowed to post it here, but I am happy to provide you with their contact info if you send me a note. 
  • March 26 2011
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The best thing to do is speak with a mortgage banker. You want someone who will be involved in the process the whole time not just an order taker. Speak to both and ask them about what their involvement will be once the application is taken.
  • March 24 2011
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Well if you are the type that has good income great credit and nice size of reserve than bank officer would be a great fit for you. But other wise you will may benefit from a mortgage brokers expertise.
  • March 24 2011
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It's not the type of institution, it's the person.

Happy funding, Rudi
  • March 24 2011
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Rexx80 - great question and one that's not possible to answer accurately.

The "best" loan officer is the one who knows what they are doing, is honest and ethical, delivers your loan on time and with the least amount of hassle, and has a broad range of loan products to offer you.

Notice that no where in that paragraph is there mention of "bank" or "credit union."  Pick the person, not the company.

Many loan officers participate on Zillow, Active Rain, and have personal blogs.  You can often times get a feel for their style by reading how they reply to questions and the information they impart on consumers.
  • March 24 2011
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  • March 24 2011
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It's always a good idea to talk to both. You usually get a better deal with a Broker. Upfront costs are typically higher with a Borker, but your overall costs can be as much as 90% less than a bank. Keep in mind Banks only have the ability to offer you the products they sell whereas Brokers have the ability to offer you a variety of products from a variety of lenders and sometimes Brokers can even get you a better deal from your bank than you were able to get directly.
Also, it's important to know that the Federal Government has created very strict licensing and education requirements for Brokers and small lenders that large banks don't have to follow. You will probably get a more educated Officer dealing with a Broker than a bank.
  • March 24 2011
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Either one is fine.  In fact you should probably talk with both and compare products.
  • March 23 2011
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