Connecticut Mortgage Companies

Obtaining a mortgage can be confusing for a home owner or potential home owner. There are many available options such as banks, credit unions, 1-800 companies, corresponding lenders and mortgage brokers. Here are some things to think about before deciding which company to use.

Banks and credit unions are usually what people think of when they need a mortgage. These companies may have many branches and have great name recognition. However, their very size can be a big negative as their close times (time from application to loan close) can really drag out as they simply do not have the flexibility of smaller companies. They also have very strict qualification requirements and many people who are less than perfect borrowers will be turned down.

Much of the above holds true for 1-800 companies. But these are rarely local companies and you may have no idea where the business is located. Obtaining a mortgage is one of the most important decisions a person will ever make. Do you really want to put your faith in a person you have never met and never will meet at a company that is most likely not even located in the State where you live?

Mortgage brokers may or may not be local. My advice is that if you cannot meet face-to-face with the mortgage companies loan officer, don't do business with them. A mortgage broker will work with a number of lenders to find the best mortgage for a particular client. Mortgage brokers cannot loan money directly. Perhaps the best choice of all is a mortgage broker who also has one or more corresponding lender arrangements with larger lenders. A corresponding lender can loan money directly in its own name and can also act as a mortgage broker - the best of all worlds. Mortgage brokers and corresponding lenders can usually cut through a lot of the bureaucratic red tape and will close loans a lot faster than banks, credit unions and 1-800 companies. My company, Northeast Financial Mortgage, is a corresponding lender and our average close time for a residential mortgage is 30 days. We are located in Middletown and cover the entire State.

For more information call text or email Dale Athanas, Loan Officer, NMLS#1065087, Northeast Financial Mortgage, 860-876-0466 (cell), dale@daleathanas.com.