Top 5 Ways to Find a Mortgage Lender

In this article:

• Searching Online
• Talking to Real Estate Agents or Builders
• Talking to Financial Planners
• Talking to Your Bank
• Personal Recommendations

Below are some insights on the top five ways to find a mortgage lender. These aren't ranked in particular order, however the federal agency that regulates the mortgage industry -- called the Consumer Financial Protection Bureau (CFBP) -- regularly surveys consumers on how they shop for mortgages, and these methods are the most popular among mortgage consumers.

1. Online

This method makes it easy to view real-time rate quotes as well as read extensive lender reviews even before contacting a lender so you can establish a level of comfort with rate markets and lender brands before providing all of your contact information to a specific lender.

2. Real Estate Agents or Builders

Though it's always best to get pre-approved by a lender before you start shopping for homes, it's very common for people to connect with a real estate agent or builder to get familiar with their local property market before they talk to any lenders. This inevitably leads the agent or builder to refer you to a lender they have a relationship with. As long as you have established a good rapport with your agent or builder, this remains one of the most reliable ways to be introduced to a great lender. Good, credible agents and builders always maintain strong lender relationships in their local areas.

3. Financial Planners

Likewise the good, credible financial planners always maintain strong relationships with lenders so they can make sure their clients' local property needs are met. If your financial planner works with a big company, that company may have a mortgage operation, and they'll refer you to that by obligation. If this is the case, just make sure the referral is benefiting you by being a truly local lending professional with competitive rates and a fast process, and not just fulfilling an internal company requirement for your financial advisor.

4. Your Bank

Often it's very easy and convenient to get a mortgage from the organization where you bank. That way your online accounts are all consolidated. But not all companies that are good at banking are good at mortgages -- either in rate competitiveness, ability to close on time, or both. The rate question will be easy to address by just getting a quote and comparing it to what you see online. You’ll have to talk to your bank to answer the process questions. If you already have a real estate agent, they can help by giving you the hot button questions they have for local lenders -- or they can even call to screen your bank's loan officer on your behalf.

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5. Family, Friends and Colleagues

This is one of the great and simple ways to find a strong lender. You can be sure your family, friends or colleagues will have strong opinions of all their service providers, whether good or bad. If you're getting into the market to buy and finance a home, ask for their recommendations so you can interview those lenders as well.

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