Shop For A Loan
Shopping around for a home loan or mortgage will help you to get the best financing deal. A mortgage—whether it’s a home purchase, a refinance, or a home equity loan—is a product, just like a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.
Here are three of the lenders I - and my clients - have worked with successfully for years. They can assist you in the pre-qualification process that is necessary to establish exactly what price range of properties are available to you at this time.
Diane Beaumont Ron Hoekert Jerry Yoder
Benchmark Mortgage Vectra Bank Primary Residential Mortgage
Phones: 719.687.2112 719.686.2588 719.596.1020
email: DianeB@Benchmark.us email@example.com firstname.lastname@example.org
Here's more information about picking YOUR lender:
Don't let the whirlwind that is the home-buying and mortgage-finding process confuse you! Here are some things to consider when you are looking for a lender:
- What Type of Company is it? There are mortgage brokers, mortgage bankers and banks/credit unions. Mortgage brokers have been hamstrung by many of the recent regulatory changes and typically lack the actual ability to approve and/or lock a loan. Banks are usually limited in program choices and hamstrung by tighter underwriting. Mortgage bankers have the financial stability and direct lending capability of the bank coupled with the wide product menu and expertise of the mortgage broker. From a global perspective, I see mortgage bankers as a clear winner
- How does the Company Operate? Many people are dismayed when they find out where their loan is processed or underwritten….or where the appraiser is from. It is important to work with a company (and their affiliates) who understand the nuances of your local market. Asking the questions up front can save you headaches down the road.
- Why be Concerned about the Individual Loan Officer (LO)? Your relationship with your LO (and their processor) becomes the most important ingredient to a successful transaction. How well do they educate you about the process, the requirements…the factors that determine your approval or the interest rate you will get? Many LOs are “order takers”. Others are weak in follow up or communication. This is difficult to determine on your own which is why the referral from another person such as your real estate agent or another person who used them has far more value than most people know (until it’s too late).
BOTTOM LINE: Don't get too focused on quoted rates and fees and neglct to see the whole picture of what is needed from a lender. Look for the same things you look for in a real estate agent:
- Great Communication
- Superior information and education
- Understanding of the local market
- Someone who looks at your application as something other than a number
Last Note: be prepared to pay a little more to get a better morgage experience (althought it will not always cost more) because in the long run, lowering stres can be more important than a few extra dollars. Please call me to discuss this or any other real estate - or music, fishing, or golfing - questions, concerns, or opinions!