Who ARE you?
When meeting with a lender, ask if they work your local market. Your lender is going to go to battle for you and help you win a contract – as well as a competitive rate. Ask if your lender is one of the following:
This lender will shop rate through many channels, but will send off your loan to another person for underwriting and processing. Rates can be good, communication can be spotty.
This lender operates between a broker and a banker. The Mortgage Banker will have access to more than several channels for rate and will also underwrite, process, and fund the transaction. Rates can be good, communication can be great.
A banker will have only bank specific products. You may find yourself with communication but lengthier qualifying times depending on the bank. Big bank = better rate but longer timing. Small bank = better timing but not as good of rate.