Low rates drive boom

loans are still being made by large banks, community banks and credit unions. In addition, there’s been an increase in the number of online mortgage lenders. “Contact at least three different types of lenders before making your selection. Try to include on your list one mortgage broker, one major bank and one smaller bank or credit union,” Cecala says.

Friends and co-workers can be excellent sources for names of reputable lenders, especially if they’ve taken out a home loan within the last year, says Dale Robyn Siegel, a veteran mortgage lender and author of “The New Rules for Mortgages.”

“I still believe in the old-fashioned method of asking around for referrals,” Siegel says.