Be careful when dealing with online mortgage companies. Many of these companies like LendingTree and Paymybills.com are not mortgage companies, but marketing companies intending on selling your personal financial information to anyone willing to pay for the information.
Most of the time these companies are out of state and use a bait-and-switch strategy to lure customers. When you give all your personal financial information online and then you will be bombarded with 10-15 out of state companies calling you non-stop.
Federal law gives the customer the ability to choose any financial service provider. No company can force you to do business with them. If you do not feel comfortable or can't reach them by email or phone, then probably not the right company.
Mortgages can be originated through Federal Banks, mortgage banks, credit unions and mortgage brokers. Typically, the bigger the bank, the higher the interest rate and fees. All that marketing on TV sponsoring bowl games or the Superbowl will add to your mortgage interest rate and extra fees.
You are far better off dealing with a local Arizona mortgage company. Mortgage brokers usually have the best options since they can shop many different lenders to both find the right fit plus the best price. Talk to different lenders and you should be able to identify who is there to help you and your family.
Mark Field, NMLS 965030 with Barrett Financial Group was named the Mortgage Loan Originator of the Year by the Arizona Journal of Real Estate. He can be reached at 602-241-2500.