After hearing so much news coverage regarding the mortgage industry bail-outs, it’s difficult to consider buying a new property or refinancing now without some fears that your new lending company may be teetering on the edge of bankruptcy. Here, we have reviewed some of the top lenders in the United States to bring you a run down on the ones to trust when making your big decision.
In February of 2009, the top five lenders in the United States were ranked by sales volume. Wells Fargo & Co. took the top place, followed by J.P. Morgan Chase, Five Star, Bank of America, and Countrywide Financial Corp., with Citigroup bringing up the rear. Despite the fluctuating and somewhat dismal real estate market, these agencies have consistently been able to remain strong and have even undertaken mergers with other financial institutions to increase their worth and lending capacity.
However, it is not necessary to do business with one of the big five in order to be assured of your lender’s ability to do good business in today’s marketplace. If you avoid common pitfalls and seek out your loan in a careful, intelligent way, you will be likely to connect with a reputable lending company.
What to Avoid:
At the top of the list of things to avoid when comparison shopping for a loan: SPAM emails. Unless you have requested a quote from a reputable site like this one, emailed mortgage offers are likely to be either a waste of your time or the product of a bad businessperson or corporation. Avoid responding, and don’t get sucked in by the sweet deals they put forth before seeing your credit score or even knowing where you plan to purchase property.
It is also wise to avoid using advertising as a guide to good agents. Anyone can buy space on a billboard, airtime on the radio or television, or a spot in the local phone book. While you may find a good lender using one of these sources, there is no way to be sure that you are not wasting your valuable time a random person who is not practicing business ethically. If you are forced to use a phone book or similar service to find a loan, make sure to shop around as you would when getting a quote for anything – see what each mortgage company has to offer, and be wary of those that appear to be telling you everything you could possibly want to hear.
Best Ways to Connect:
One of the best ways to locate a reputable lender is to ask around among friends and family.