who does mortgage loans today and how to choose wisely

From the trenches, I see who actually funds homes: big banks, credit unions, nimble nonbanks, and brokers who shop them all. Offers look similar - until they don't. Last fall, a teacher called me from a grocery parking lot, two rate sheets open; I hesitated, then pointed her to the lower APR with cheaper buydown and a cleaner lock. Take the long view: service quality, future refinance costs, and how a lender handles surprises can outweigh a flashy teaser rate.

How to evaluate competing offers

• Stack at least three offers; compare APR, points, lender credits, and any prepayment penalties.
• Ask about underwriting speed, appraisal management, and extension fees.
• Confirm servicing: will they keep your loan or sell it?
• Clarify rate-lock length, float-down options, and re-lock rules.
• Model total cost over 5 - 7 years, not just the first payment.

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