The Major Differences between Mortgage Companies

By Kelly Richardson
LoanPage.com Columnist

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Shopping around for a new home loan is an involved process to say the least. You'll be inundated with a barrage of offers from mortgage companies that offer varying rates and specials designed to get your business. But recognizing the difference between mortgage companies and their offers will help you make an informed decision.

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While mortgage companies may seem the same, there are a host of differences that you'll never notice until you actually begin to do business with them. Don't be swayed by a fancy television commercial or a colorful magazine insert. Most mortgage companies focus more energy on advertising than on spending time with you during the new home loan process. Unfortunately, this is a fact that you won't find out until it's too late.

Difference in Mortgage Companies

  • » Customer Service. For most people, mortgage companies that provide the best customer service are like gold. Pleasant greetings, explanations of difficult concepts, and other intangibles really make the difference.
  • » The Mortgage Team. How many professionals are involved in your case? Some mortgage companies try to do too much with too few people, leaving many details left unattended until the last minute.
  • » Fees and Terms. Perhaps the biggest difference between mortgage companies is the fees and terms of their new home loan offers. This is your chance to shop around and get the best deal for your money.
  • » Communication. The way mortgage companies communicate with you throughout the new home loan process varies. Some keep you informed on a regular basis. Some you never hear from until the end of the deal.
  • » After the Sale. The way mortgage companies follow up with you once the new home loan deal is completed will reinforce your good decision or make you think that you might have made a wrong one.
Enough can't be said for doing your homework. When comparing different mortgage companies, ask your friends and relatives who they think are the best. Get referrals. Ask for the company for a list satisfied customers and call on them. This will lessen the likelihood that your new home loan purchase will go awry.

About the Author
Kelly Richardson covers the real estate scene in major cities across the country. His articles appear in educational journals, periodicals, and e-zines.

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