Traits of a Reputable Mortgage Company

Every mortgage company is different and some are more reputable than others. It pays to do a bit of homework before engaging in this important business relationship. The company you select will oversee your home’s financial loan, one of the largest monetary commitments you will most likely ever make. Choosing the wrong one can cost money and cause aggravation. Here are some traits of a reputable one:

- They are in-state. Out-of-town lenders may not know the ins and outs of the state that you are purchasing property in. Estimation of fees may be inaccurate because every region is different. A local operation will have established relationships with appraisers and title companies in order to make certain that all transactions go smoothly.
- They are housed in an actual building rather than being only available through the internet. You want to be able to form relationships and actually see the people that you’re paying the monthly payment to and to negotiate in person, should the need arise.
- They’ve been in business for a while and have built a good solid reputation. Fly by night operations might disappear just as quickly as they appeared. Choose a solid company.
- Clean record with the Better Business Bureau. It’s important to check to see if there are complaints lodged against them. You don’t want to do business with a company with shoddy ethics.
- Loan officers should have had ample experience. It takes a few years to gain the expertise required to be considered a seasoned and savvy loan officer. High job turnover is a red flag of problems to come.
- A solid company should have an array of classic loan products that they are happy to discuss in full detail with their customers in a user friendly manner. Customers should be able to fully understand what they’re signing their name to. Being sold crazy home loans is what got so many homeowners into trouble in the past. Know what you’re signing up for.
- A guaranteed maximum of closing costs is a sign that there are no hidden agendas. A guarantee will let the homebuyer sleep at night knowing that there are no hidden surprises at closing or during the life of their loan.

Whether a homeowner is choosing a traditional 30 year fixed mortgage, a 15 year fixed loan or one with a variable rate, the company that oversees the loan should be a strong and reliable partner as a mortgage company