8 Things You Should Know Before Choosing a Mortgage Lender

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8 Things You Should Know Before Choosing a Mortgage Lender

No two lenders are the same and there’s always something new happening in the mortgage industry. With that being said, the advice your friend gave you about their home buying experience two years ago may be outdated. You need an experienced lender who is honest and will give you the inside scoop to ensure you have the best experience.

For this reason, our AdvantageFirst Lending team put together a list of 8 things to know before choosing a mortgage lender.

  1. The biggest lenders have the highest fallout. The top 5 direct lenders in the country only fund 40-50% of the loans they start!
  2. A reputable mortgage broker can actually shop your loan between multiple lenders to find the best interest rate.
  3. By in large, the MOST experienced loan officers work on the brokerage/retail side of the industry and NOT at the large lenders.
  4. EXPERIENCE PAYS. The most experienced loan officer will close your loan in half the time as the large lenders. When buying a home, this can be the difference between having your offer accepted or denied.
  5. Many lenders issue preapprovals to homebuyers without ever reviewing documents! With this approach, there can be zero confidence that you will not run into problems once your offer is accepted.
  6. Mortgage interest rates do not vary from lender to lender but closing costs CAN vary drastically.
  7. Buying or refinancing your home does not have to be stressful. Having a single point of contact that knows all of the underwriting guidelines will make a world of difference!
  8. A loan officer does not decide if you are approved–an underwriter, however, does. Finding a loan officer that knows all of the quirks with underwriting is the only way to ensure a smooth transaction.

“I think one of the most challenging, yet exciting aspects of AdvantageFirst Lending is the process of informing homeowners of the real differences between a company like ours and the large brands you see on television,” says Justin Walsh, Vice President, AdvantageFirst Lending. “Mortgages products and the requirements that accompany them are as complicated as they have ever been. While many large companies have good intentions, there is simply no way to sufficiently train thousands of loan officers to the level that homeowners need in the current lending market. As a result, AdvantageFirst Lending offers a unique ability to navigate any scenario and prevent the stress that accompanies the bigger brands.”

Have questions? Give us a call at 949-356-6400.


  1. Daphne Gilpin says:

    Thanks for pointing out that an experienced loan officer will be able to close your loan much more quickly, which can be the determining factor in whether your offer is accepted or denied. My husband and I want to buy a larger home soon since we have another baby on the way. I don’t want to lose out on a house because our mortgage took too long to close, so I think we’ll take your advice and make experience a priority as we search for a lender.

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