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Does it matter which mortgage lender I choose? (1 Viewer)

Robert_Z

Screenwriter
Joined
Jun 16, 2002
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1,017
I am house hunting and qualify for first-time homebuyer assistance in the form of a bond program at a fixed rate. There is a list of several participating lenders in Austin. Since the bond program is fixed, is there any reason that I should worry about which lender to choose? What are some reasons that I may want to select a bank as opposed to a mortgage company?
 

Andrew W

Supporting Actor
Joined
Jun 19, 2001
Messages
531
Absolutely.
You need a reliable lender. That means they're not going to "accidently" lose your payment and charge you late fees or make it a hassle to pay. You should be able to easily set up an automatic payment from your checking account on the day of your choosing every month. They should handle escrow, insurance and tax payments and pay them promptly.
All these transactions should be documented on monthly statements either mailed or online.
 

Scott Merryfield

Senior HTF Member
Joined
Dec 16, 1998
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16,882
Location
Mich. & S. Carolina
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Scott Merryfield
They also should handle the mortgage application and closing procedures smoothly and without errors. I've threatened not to show up for a refinance closing in the past because the lender had screwed up the paperwork so bad and was not going to correct the situation.

Also, some lenders will waive some application fees, while others will try to nail you for every closing cost they can think of.
 

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