How many lenders to compare

[saildawg]

Hello everyone,

 

I am planning on using the physician mortgage in the next few months when we purchase our first home.  I have used all resources here at WCI, and have set up contacts with 7-8 banks/lenders.  I was wondering if anyone had a list of things I should be looking for to compare the lenders.  I have come up with the following questions, but would appreciate any input.

 

Also how many lenders do you think I should get a quote from?  I plan on using 2 local lenders and 2-3 national, thanks.

 

1) Discount on rate for signing up direct deposit account etc

 

 

2) Is there an origination fee

 

3)Do you use local appraisers (may be important as we are considering building)

 

4)How long out can we lock rate in for

 

Let me know what you think

Thanks!!

[The White Coat Investor]

I don't know that you need 8. I'm glad you have 8 to choose from though. I think 2 is enough. You go to one and ask for their best rate, holding all else constant. Then you go to the other and ask them to beat it. If they can't, you know you got a good rate and you take it. If they can, go back to the first guy and see if they can beat it. If there is other stuff you care about, like a long lock then sure, make sure you're comparing apples to apples. But I don't see how you use someone who isn't local as an appraiser.

[saildawg]

Sounds simple enough, thanks.  I tend to over analyze things.  I think I will compare the two local lenders. Thanks

[The White Coat Investor]

If it is a physician mortgage you need, I wouldn't use the local lenders. I'd use someone that does LOTS of doctor loans, like those listed on my doctor mortgage loan page. If you're getting a conventional, that's not so important.

[saildawg]

I did use the list provided on your website.  Thank you for compiling it, that is the "national" lenders I was referring to although I realize they are still regional.  I guess I will persue 2-3 of those with the two local (who do physician mortgages)

Thanks for this wonderful resource

[Toshi]

I got a lot of quotes and saw a lot of variation. I recommend you get a bunch… doesn't cost you anything except the hassle and the followup calls/emails. (Maybe use a burner email address and a Google Voice phone number?)