Mortgage Shopping Style
When looking for a mortgage, one of the first steps
in the process should be to identify your shopping style.
This will give you an idea of where to look, or at least
where to focus your search. Whether you prefer a smaller
company, a large broker, or applying for a mortgage
online, some basic analysis of your shopping traits
can tell you which of these to focus on, and your best
approach for obtaining a home loan.
One of the major things to identify in this area is
the amount of importance you place on personal attention
and interaction. When talking to an automated phone
system, many people often make the complaint that they
would prefer to talk to a “real person.”
If you identify strongly with this statement, you might
want to consider going to a brick and mortar mortgage
broker. However, many people are just the opposite.
They are completely in their comfort zone when doing
business over the phone or online. These people like
the convenience of doing things at their own pace, when
they want to do them. Frequently, they find salesmen
to be pushy or unnecessary. That is why these people,
who tend to know what they want and prefer to be in
control, often times use a mortgage website to research
and apply for their mortgage.
Another point to identify is the amount of importance
you place on customer service as opposed to price. Ideally,
the best option is one with both great customer service
and low prices. However, there is normally at least
some level of trade-off between these two values.
Large firms that operate on a national scale are more
likely to have the number of employees to provide around-the-clock
attention to your transaction, but you may find yourself
paying extra for the privilege. Smaller firms with fewer
employees and lower overhead might not offer such extensive
customer service, but may have favorable rates or rate-point
Online mortgage companies might also fall short on
customer service but offer great deals on your loan.
Whether you prefer to put your emphasis on service or
pricing is a decision only you can make.