How To Choose A Mortgage Lender When Buying A House

Sounds overly complex. This should not be any different from vetting a new credit card. The fact that these things are super complex shows an industry that is non-competitive.
Lender A may have the terms you want.
Lender B may have the interest rates you want.
Lender C may have the contacts and efficiency in communication between the lender and the underwriter that you want.
Lender D may have the local boots on the ground experience that you want.
And you being smart demanded a fully underwritten pre-approval from each of them and your credit score has now dropped 40 points for the next two years from the hard credit checks. When you go for your actual approval you find that you qualify for $20,000 less than you were quoted, and your down payment + closing costs are now $2,000 more expensive.
Then in my state, you have a diligence fee and earnest money, and you assume that the house will pass inspection. Let's say you want a VA loan, now you MUST have a VA appraisal as well (which stops your lender dead if they find anything out of place and you forfeit the diligence fees). That's $575-$800 out the window for each appraisal (not including cancelation fees should something change, etc).
The diligence fee is non-refundable and can range from $5,000-$15,000. So if you intend to put very little down, say $20,000, expect your total cash on hand to be a minimum of $50,000 IF you are very lucky and find a home that is in perfect shape and everything goes according to plan. Should you really want to put that 20% down to avoid PMI, and you find 3 or 4 properties that seem close to what you really want, expect your base budget in the $100,000 range in cash before you get started.
This is why home ownership is unaffordable today.
The average American is making $63,000 a year and saving almost none of it. Mostly due to student/medical/credit card debt, and food and rent prices. You can qualify for whatever you like, but increasing your debt will not dig you out of that hole. Owning property is a dream, keep dreaming.

Is there a website for shopping mortgage rates? Something like Expedia for Vacations?

NMLS lookup info. was EXCELLENT.....so maybe I can at least get a free PIZZA from one of the new guys right?

Any lenders in TN. Just got a pre approval today for FHA loan. But I dont like the terms looking at shopping around. Is it true you can shop around for a certain amount of time without affecting your credit?

Do you have anyone in Ohio

It shouldn’t be this hard to buy a house, I own my house..I’m starting to think that they are scammers

Very helpful!

Videos like this make me laugh!!!!

Any recommended lenders in the Orlando FL area?

Guys your biggest miss here was talking about the soft/hard credit hits

Hi do you know of a lender in Riverside

What is Josh phone number

Nah liars

great video, thank you !

Would you have a recommended lender in the Dallas, TX area?