Choosing the Right Mortgage Lender

July 4, 2014 admin

The mortgage business is extremely competitive, and as you search for mortgage programs and rates, you will encounter a variety of lenders, each of which may present a compelling reason to place your mortgage with them. Because your home is likely your biggest financial investment, it is worthwhile to take a look at what lurks behind the radio ads, TV commercials, and fancy downtown buildings that many have come to equate with the mortgage industry, at large.

During the mortgage process, your initial and primary contact will be your loan officer and the processing staff. As with any occupation, these positions are filled with men and women who have varying levels of proficiency, education, work ethic, commitment to get you the best deal, and ability get your loan closed on time. These professionals also have different roles within their employing companies. At First Indiana Mortgage, what you see is what you get — the company is owned by its employees, and we have a direct interest in ensuring that your loan closes on time, at the rate you select, without too much hassle . We have been the business for many years, and obviously have a vested interest in the outcome of each loan, and the goodwill and reputation that comes along with doing what we say that we will.

We have lost business to mortgage people with less education, training and commitment, simply because they work for a national bank, even if their rates and other terms of the loan that they offered were worse. Borrowers sometimes transfer a perception of credibility, based upon the name recognition of a lender like Chase or Bank of America, to the loan originator. If my memory serves me correctly, these familiar big banks have recently suffered huge losses, had to be bailed out with taxpayer dollars, and have paid enormous fines for their shoddy lending practices; yet we, as a small company, constantly find ourselves pitted against them in typical David versus Goliath fashion.

First Indiana Mortgage has survived because we are committed to providing outstanding service, while offering the most competitive rates that we can. We don’t have huge overhead and advertising expenses, which enables us to offer lower rates. What we do have is experience, and the ability to offer practical solutions to your mortgage problems, with the care and compassion of a neighbor or friend.

Just because your banker has “a guy” and your Realtor has “a guy” doesn’t mean that that “guy” is the right person for the job. Ask around at work, talk to your friends, seek a recommendation from your tax preparer or financial advisor to find a lender that has done a good job in the past, and has shown a willingness to take the necessary steps to ensure that the loan process goes the way that it had been explained at the beginning of the mortgage process.

First Indiana Mortgage is a mortgage broker that offers residential mortgages in the states of Indiana. Please access our website at www.firstindianamortgage.com