In the first installment of this series we looked at some of the things to look out for when shopping for your mortgage . In the second part we talked about hidden fees and pre-payment penalties.  The third installment covered APRs and how important it is to know how to read a Good Faith Estimate of closing costs.. In this, our last installment, I’ll go over what may be the most important factor in choosing where you will get your mortgage, reputation and integrity.

So many people focus on getting the lowest mortgage rate, but the lowest quoted mortgage rate isn’t always the best deal. I’ve heard too many horror stories over the years of buyers who were promised one rate, but when they got to closing they found the rate was higher, the costs were considerably more, or the program was different than what they were promised. If you got the bait and switch at closing (it’s illegal, but it does happen) you have two choices. One, you can walk away from the closing, possibly losing your earnest money, or two, you swallow your anger and go through with the deal. The problem is that the loan officer knows much more about how the system works than the consumer does. The mortgage application process can be intimidating, and you are signing a stack of disclosures, most of which no one reads. What your lender told you may be different from the documentation you signed. Mortgage lenders who are behaving in this manner are obviously not looking for repeat business. The companies that play these games are looking for the fast buck and don’t care about your long term value as a satisfied customer.

The reputation of the company, and loan officer you are dealing with, will go a long way toward predicting what kind of experience you will have. How did you get the lender’s name in the first place? Where they recommended to you by someone you trust? Word of mouth referrals can be a great way to choose your lender, especially if they were recommended by a Realtor or real estate attorney who has lots of contact with different mortgage brokers and mortgage bankers. Ask your attorney what he knows about the company or loan officer you are dealing with. If the company is active in his market area, he will know the reputation of the company and how reputable they are.

You can also check with the better business bureau and the appropriate regulatory agency (As an Illinois based mortgage banker I am regulated by the Illinois Department of Financial and Professional Regulation. Mortgage brokers and federally chartered banks are regulated by different regulatory bodies) to see if they have had complaints lodged against them. Here is a link to sites and phone numbers where you can check for complaints. Also, run the company’s name and the loan officer’s name through a Google search. In some cases you will come back with a lot of information, in other cases it will show nothing but the company web site. Some other things to watch for when choosing your mortgage banker or broker are:

Does the company have a reputation for meeting its commitments and closing on time?

Is the loan officer experienced and able to answer your questions?

Does the company have the financial stability to stand behind its commitment?

Do they have the resources to meet the deadlines in the contract?

Do you feel comfortable with your loan officer?

Does he get back to you quickly, and does he (or she) follow through when he says he will do something?

These are all questions that should be part of your decision. Until you close, you will rely heavily on your loan officer. If you have a loan officer who doesn’t return phone calls, or one who doesn’t provide information, or doesn’t communicate well with you, getting your loan will be a frustrating experience. If someone is not responding during the process, can you be confident that you will close on time and with the right terms? Keep this in mind when choosing who you want to work with. The rate quoted is only as good as the integrity of the person quoting it.

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