Need help. Yesterday I went to Chase (in Ca) to apply for a new home loan. The house we are renting is going to action next week. The representative didn't seem like he wanted to be bothered by me. My questioned is: is it better to apply at a brand name bank vs a mortgage lending company or (as my neighbor recommended) to visit erate.com? I have a very high fico, low debit and moderate income with a 20% down. He was selling me an FHA loan with all kinds of crazy points that added at least a grand to the monthly mortgage.  I'm looking for a lender who is interested in wanting to do business with me and has my best interest in hand. And when is it best to submit an offer on a home? When the house is in short sale, foreclosure or in REO status? Thanks.

I would get a referral from a friend or a real estate agent in your local market.  My experience with competing with these lead generation sites are not good.  Find someone in your local market that has done business with an honest broker.  Some of the larger lenders are just taking way to long these days.  Good luck.

P.S. I only lend in the state of Florida.

I lend in CA and would be more then happy to take a look at the deal for you. If you are putting 20% down then I do not see a reason to go FHA with this mortgage. You should be looking for a regular conventional mortgage.

Dana--- Pick a mortgage Broker that you "click" with.  Your best bet is a CA Broker.  Plenty in the directory here!!

Hey Dana,

Your experience is only going to be as good as the loan rep you choose. There are good people that work at the big retail banks, in some cases . . . and there are also very good, knowledgeable people that work in the independent shops. Similarly, there are rotten, unresponsive, criminal hacks that work in both places (unfortunately) . . .It makes no difference whether your loan comes from a "brand" name bank - what matters is that you get a fair deal, the right product for your situation, and that your needs are met throughout the process.

"Interview" a few options. Talk to several providers - have them give you some basics in writing and ask them WHY they think a certain loan is right for you. How they answer this question should tell you a lot about how they do business. While FHA loans are great for those with small down payments, or buying multifamily homes, I tend to agree with the above . . . if you are putting down 20% on a single family, there is probably little reason to get one.

Most online "rate" sites are just turning around and selling you as a "lead" - that is, selling your information and the right to do business with you to some other broker or lender, anyway. Most of the time, they are not going to be your direct provider in the end. Better to find someone local, MEET IN PERSON, and establish your expectations from the very beginning. Communication is key - ask questions, respond honestly when you are asked, and uphold you side of the deal in terms of returning documents, reading over paperwork, etc. If you do not feel that a provider was responsive initially, they are likely to be even less so as time goes on . . . find someone else.

There are a lot of good, professional, knowledgeable people that work through this site . . . some work for brand name banks, some don't . . .but  I am sure that my California counterparts would be happy to help you out.

I was not trying to bash big lenders because we all need them but I would check on the processing times for whoever you decide to work with.   You should expect to have your file reviewed between 48-72 hours max.