Financing with a Mortgage Lender

by Samantha Elari 07/07/2020

Photo by Helloquence on Unsplash

When financing a home purchase, one of the most basic decisions to make is where to get your mortgage from. The basic options are whether you should go to a mortgage lender or not. Financing with a mortgage lender has both pros and cons.

Pro: Many Loan Options

If you go to a mortgage lender, you’ll find that they offer a great amount of choices. These are essentially brokers for various underwriting companies, and they offer many loan options. You’ll also have a wide variety of mortgage setups to choose from. Whether you want a 15-, 30- or 40-year fixed or some sort of variable loan, you can likely find it through a lender.

Pro: Might Be Able to Negotiate

The choices that mortgage lenders provide sometimes make it possible to negotiate with potential lenders. If you can pit multiple lenders against each other, you might be able to get a lower interest rate or complimentary points on your loan. A lender might even try to negotiate on your behalf.

Pro: Knowledgeable Guidance

At a mortgage lender, you’ll work with a loan officer whose sole job is to help homeowners find mortgages. They’ll be knowledgeable and able to provide you with informed guidance throughout the loan application and selection process.

Con: Might Not Be Local

Should you shop loans with a mortgage lender, it might not be someone local to your area who’s providing assistance. Often mortgage lenders service people across a state and even maybe in multiple states. As a result, there’s a good chance you won’t ever meet them in person.

Con: Might Sell Your Loan

Ultimately, mortgage lenders are in the business of underwriting and managing mortgages -- and that’s not necessarily the customer service business. If a lender deems it financially prudent to, they’ll sell your loan to another lender. Not only will you not deal with the same person or office, but you might not even deal with the same company down the road. Since mortgages last many years, there’s a chance yours could be sold multiple times.

Finding a Mortgage is a Personal Choice

A mortgage lender may be a good option if you’re looking for a great deal on a home loan, but they don’t offer a personal touch. If you want someone in your area and prioritize personal service, a credit union or other more local institution might be a better alternative for you. The decision to go through a mortgage lender or another place ultimately depends on what type of experience you want.

About the Author
Author

Samantha Elari

Samantha Elari, your trusted local, hometown Realtor. She works diligently to promote your best interest whether you were buying or selling, by using state-of-the-art technology, team collaboration, superior marketing materials and strong negotiating skills. She has resided in the Denver metro area for over 40 years and has seen many changes in the real estate market. Call today for all of your real estate needs.

“It would be a pleasure and honor to work for you.” - Samantha Elari

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01/07/2019 - kellydcurl Sold a Single Family home in 2016 in Westminster, CO.

  • Local knowledge: ⭐️ ⭐️ ⭐️ ⭐️ ⭐️ 
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Samantha was excellent! I have worked with her other than in real estate (we were co-workers) and she is excellent in every thing she pursues. That is why I decided to select her to sell my home, I could fully trust her. We had moved to another state and left the entire deal in her hands and she took care of everything for us. It was very reassuring knowing how through and detail oriented she is and her market knowledge was amazing. If I ever move back to the Denver area I will definitely have her as my realtor. Thanks so much Sam!

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01/03/2019 - zuser20160727132728859 Bought a Single Family home in 2018 in Arvada, CO.

  • Local knowledge: ⭐️ ⭐️ ⭐️ ⭐️ ⭐️
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Samantha is very knowledgeable of the area we’re looking to buy. Her advise was spot on and purchasing our home with her help was a pleasure. I would definitely recommend her to others.

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01/03/2019 - c alquist Sold a Single Family home in 2018 in Firestone, CO.

  • Local knowledge: ⭐️ ⭐️ ⭐️ ⭐️ ⭐️
  • Process expertise: ⭐️ ⭐️ ⭐️ ⭐️ ⭐️
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My house went on the market on a Fri morning and by 3:00pm we had 3 offered, all over asking price. No open was needed. She helped us purchase a brand new build as well. She got us a finished basement for FREE as part of the deal. Sam, really knows her business and isn’t afraid to work it. I would highly recommend her to anyone. 

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01/03/2019 - dalquist59 Bought and sold a Single Family home in 2017 in Westminster, CO.

  • Local knowledge: ⭐️ ⭐️ ⭐️ ⭐️ ⭐️
  • Process expertise: ⭐️ ⭐️ ⭐️ ⭐️ ⭐️
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Sam is a great realtor. She is very attentive to detail and always has her clients best interest in mind. She knows the market and how to sell your home for the highest amount and in the quickest way possible! Our house sold in less than 1 day with 4 offers to choose from! We were never rushed to make any decisions and Sam made sure that our closing on the old home coincided with the closing of our new home. Every aspect of our sale and new purchase went flawlessly. If you're looking for a realtor that will do the best possible job for you, Sam is the one you're looking for!