Washington Mortgage Planner-straight up mortgage advice and commentary

Good morning! I wanted to share with you some great information about how you can choose the best lender for your situation.  Here goes.

1) It's important to work with a professional who knows what they're doing.  They should be up-to-date on market conditions and ask the right questions in order to put you in the best loan you're comfortable with.  Too many people in my industry are interested in just making a buck.  Thank God a lot of the lenders have curtailed their exotic loan programs (option ARM's, etc) as it forces us to not necessarily focus on the biggest payout but on you, our customer. A professional will know about the latest economic reports and what they mean.  A pro will be as much a couselor and trusted advociate as he is your salesperson.

2) If it seems too good to be true, it probably is.  The conversations I've had with my customers recently indicate that they know the story.  All the advertising in the world can't escape the fact that the sole purpose is to get people to call.  Be careful what you hear.

3) You get what you pay for. If you're looking for the absolute cheapest deal out there, realize that there will be little or no service with your loan.  I refer to it as the Costco approach.  This is not necessarily a bad thing; some people are fine with doing it themselves.  Just keep in mind that a mortage is a big, complicated transaction for most of you. I think you'd agree with me that it might be worth it to pay a little more to see that your loan is handled smoothly and on time.

4) Interest rates can change daily, even hourly.  There's a tremendous amount of turbulence in our market right now.  Find a professional to work with and they'll make sure you're updated about rates, fees, etc.  Again, I recommend you talk to 3 face-to-face if at all possible.  Pick the one you're the most comfortable with.  Ideally, you'd like to work with this person long-term if they do a good job for you.

In closing, I hope this helps.  Take the time to do your due diligence and you'll be rewarded with a long-term relationship with your mortgage professional.  Good luck!

Paul