An easy way ensure you get the best mortgage lender

There are two types of mortgage lenders to choose from – the traditional type of mortgage lender or an online lender. Both have some features in common. Both have companies that have been in business for years and can offer large lending power and experience with most lending situations. Both can offer various payment options, convertible mortgages, assumable mortgages, etc. However, there are some striking differences.

Using a traditional mortgage lender involves long meetings, lengthy application forms, and putting control of the situation in their hands (ie. you get to sit around waiting for their call … hoping they will call). On the other hand, when you use an online lender, you control the situation from start to finish. The online lenders recognize this and have tailored their websites accordingly. They are happy to provide helpful tips and articles, handy loan calculators, short application forms, and free, no-obligation quotes. Once you apply, you will receive a response quickly, as online lenders don’t want you clicking over to the competition’s website. Also, online lenders tend to be much more open minded about unusual situations, like self-employed people, less than perfect credit, etc.

It’s your choice, but as researchers in the loan field, we have found that using an online mortgage lender usually beats a traditional lender hands down. However, if you want to deal with your local lender, we suggest you get a few free quotes from online lenders and use these these when bargaining with your local lender to see if he can match the interest rates available online.

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