Picking the right bank is like picking out a restaurant.
If every time you decided where to eat you had one objective- the cheapest meal possible, then you would always end up at McDonald's Dollar Menu. Which we all agree is not the case for anyone.
Yet, when deciding a bank, many are tunnel visioned and only think about the interest rate. Yes, this is one of the most crucial aspects to deciding your Mortgage Lender. But, you need beware of the trap of neglecting other aspects.
When you go out to eat you consider the following:
1. What are you in the mood for?
3. Price range
4. Quality of the food
5. Quality of the service
7. Atmosphere of the restaurant
8. How much time do you have to spend
When looking for the right bank considering the following as well:
1. What is the rate?
2. What are the closing costs?
3. How is the communication?
4. Do you trust your advisor?
5. What reviews do they have?
6. How efficient is their mortgage process?
7. How fast do you have to close?
8. Are there other banks with better loan products or or efficient in your specific need?
9. Is there a credit being offered to you for the rate?
That is what I love about being a Mortgage Broker! I have no obligation to any of the banks I work with. I am an advocate for my clients. What is best for them, matters most to me. If you go to your local bank, they will sell you their banks product without regard to there being a better product elsewhere. When you sit down with us, you get an unbiased solution that is best for you. Even if that means me referring you to another bank that I don't work with, I am glad to always keep my clients best interest at the top of the priority list. Don't make the mistake of being tunnel visioned and short changing yourself.