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Do your homework when it comes to your mortgage lender

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Mortgage and Lending with Quicken Loans

If you currently have a mortgage, do you remember the process of deciding on the right loan?  Did you research information online?  Talk to your local bank? 

Some interesting information was just released from a LendingTree survey that indicates that many Americans are not doing their due diligence when shopping for a home loan.  The survey showed that while 96 percent of Americans compare prices when shopping for other items, almost 40 percent of consumers obtain just one quote for a home loan.  Only three out of 10 consumers felt confident that they received the best deal on their mortgage.  That makes for a lot of unsatisfied homeowners that could be resting easier if they knew more about who they worked with and why.

Additional data revealed that while 85 percent of consumers use the Internet to comparison shop for other products, only 21 percent shopped online first for mortgage rates.  Serving in a leadership role at an online lender like Quicken Loans, it surprises me to hear that statistic.  Every day our team members work with clients who watch TV, read a newspaper or surf the Web for information.  The number of people who use the Internet for information is increasing but as this survey suggests, there are many consumers who are missing out on the benefit of researching potential lenders and checking out client reviews simply because they did not use the Web as a valuable resource. 

The reality is, any reputable lender will have rates within a quarter of a point of each other because rates are based on the bond market.  The difference-maker in the equation is client service.  Is your mortgage banker asking the right questions?  How smooth is the loan process?   How long does it take for the loan to close?  These are points to keep in mind when searching for a lender that will walk you through what is most likely the biggest transaction of your financial portfolio.  Lenders like Quicken Loans have a track record of success with more than a million clients served and accolades from well-known authorities in the business-ranking field.  Make sure that you are confident in your lender's reputation and their ability to close a loan that makes sense for you before you move forward with the loan process.