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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 combinations.

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.