Ahh the eternal question, ranking not far below "What should I have for dinner", and "Do blonds really have more fun?" All kidding aside... here's what I suggest.
First - Get your own house in order. What do I mean by that? Get your documentation together first. All lenders will need 2 years Federal Tax returns, plus W-2's, 30 complete days of pay stubs, and two months complete bank statements. Lenders cannot use internet banking summaries or printouts that don't show the complete account number or your name. Sad but true, we have to have the paper bank statement. There are thousands of other items needed but this is a good starting point. Why do this first? If you want a deliverable rate, you have to have your own documentation in order to get an accurate quote. I can't tell you how often people will say "I got quoted a 4.5% rate, then things went bust-o during the process because my (income / assets) didn't pan out". Anyone can quote a number in a dog fight for your business, but that does not make it a real, deliverable rate. As it's been said, Chance favors the prepared mind. Be that person.
Second - Never, ever shop rates. Most reputable loan officers are within .125% in rate and about $500 in fee when you finally get to the closing table. Let's say you found the mythical "best rate and lowest fee", yet your process was so terrible you nearly killed yourself mid stream. Was it worth it? Another way to look at it - you find a $500 lower fee for the same rate, yet you text'd, emailed, called and hounded your LO so much so that when you open your Verizon bill the next month, you're $500 in the hole AND BONUS... you got ulcers in the process. Finally, the average lifespan of a rate quote is 3 hours and 15 min. Rates change that often. You again might find "the best rate and lowest fee" after calling around, yet once you make your decision the rates have turned and you don't get the deal. Where does that leave you? Not in a very good position. The bottom line - Shop the loan professional and never the terms. The loan professional who is well recommended will be market competitive and won't screw around. That's why they are still in the biz while most mortgage douche bags have been swept out with the tide. Yes, I said douche bags. Apologies in advance if anyone takes offense, but I got to call'em as I seez'em.
Third - Ask around. Most people who closed recently will have pro's and con's to say about their lender. A friends recommendation on who did the best job will take you much farther down the road than a recommendation based on price alone. There are some top producers in Orange County - Tina Vo at Wells Fargo (Westminster), Kevin Budde at Countrywide (Laguna Niguel) and others who have helped 1,000's of clients successful while still being price competitive. They are the McDonalds of mortgage producers, fast and relatively cheap. Not everyone likes to eat at McDonalds however. If your circumstances are such that you need more finesse in structuring a loan, your accountant or trusted financial advisor will likely have a name of someone for you. Certainly IR and this board can come up with a few names.
Hope this helps.
My .02
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