Let the Mortgage Companies Fight for Your Business
The mortgage industry is highly competitive, so it is considered wise to shop around for the best deal and let the mortgage companies fight for your business.
The mortgage industry exceeds far beyond that of the banks you see on every street corner as you head into town. The mortgage industry also extends to include wholesale and retail lenders, as well as the mortgage brokers who bring in potential borrowers.
On average, most mortgage brokers deal with more than 200 wholesale lenders. These wholesale lenders are a very diverse group, and their programs and specialties vary from lender to lender.
If you are considering purchasing a home or you are interested in your refinance options, don't be afraid to shop around for the best deal. It is important to remember that when you are shopping around for a mortgage, nothing is final until you sign on the dotted line. Mortgage companies are competitive and hungry for your business. That being said, there is nothing wrong with shopping around to find the best fit for your needs.Consider all the loan offers you receive and pick the one that will fit both your situation and your budget.
When shopping around for a mortgage, don't feel the need to keep this a secret. By letting a loan officer know your intentions, you will most likely send them the message that you don't have time for games and that it will be in their best interest to make you their best possible offer.