Today I want to talk, more, about where to get your mortgage loan.
It is a common myth that the best place to get your loan is from the bank who holds your savings and checking accounts. The idea is that either a.) they have all of your financial information so it will be more convenient or b.) you have a great relationship with them and it will be easier to get the loan.
You could not be more wrong.
Do you bank at Bank of America, Wells Fargo or Chase? They really couldn’t give a rat’s patooty about your “relationship”. There is ABSOLUTELY no benefit to you as an account holder.
There can be some benefit of you are the sort who has a personal banker or you bank at a small, intimate credit union or family held bank- but most of you are not in this situation.
The key to a great mortgage is a great loan officer backed by a great processing team. Right now I am favoring direct lenders like Prospect Mortgage, but these recommendations change as the lending business changes. A great mortgage team will almost always get you the best rate and terms but, more importantly, it will get you the house.