I've got to tell you that many loan companies that advertise on TV use nothing more than cute advertising techniques to "hook" you. Most of them are extremely slow and I strongly caution you that they use appraisal companies that are very conservative. What most consumers don't know that if a house appraises for less than you have it in contract for then you have to make up the difference. This can be very disappointing for a home buyer on limited funds. However there is a solution! Seek out a local lender which is classified as either a mortgage broker of mortgage banker. The banker is a direct lender and the broker will approch several lenders at the same time and get you the best deal. All lenders have different FICO requirements and recent loan activity requirements. Your best bet is find a Realtor who has a relationship with a lender that has good service and to with that. I have had bad experiences with lenders like Quicken Loans due to the response times being very slow and consiquently forcing a extension to close of escrow date. Most sellers have very low tolerance levels for that and the buyer runs the risk of loosing their earnest money deposit. In conclusion, if you are considering purchasing a home consult your local "Realtor" for the best lender to go with. Believe me, after 25 years of selling real estate this is the best advice that I can give you!
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