Overwhelmed by the mortgage process?
Working with a mortgage broker can help you have a more positive experience. Here are the advantages:
- More personalized attention - more control over the transaction
- Increased chance of securing lower rates
- Access to more nonconforming loan programs and more lenient guidelines
No one is ever happy when a lock expires and they have to take a higher rate after working on their mortgage loan for 30 days with a lender, nor do they want to face a loss of tens of thousands of dollars on their purchase deposit because they could not perform on time with their mortgage loan approval.
Here is why working with a mortgage broker can help you avoid these common pitfalls in mortgage lending.
Ever heard the saying - Too many cooks spoil the broth? The average mortgage loan is worked on by over 40 people along the journey from start to finish and with it, an increased chance of human error and a slower process follows suit. Not with a mortgage broker, due to the smaller size of the organizations, a mortgage broker can provide more of a one-on-one boutique style approach and maintain more control over the transaction than that of a larger institution. They can go directly to the underwriter and get the answers to resolve issues more quickly to move the loan through the process. They can also help avoid pitfalls by performing an in-depth analysis, pre-underwriting, in advance of loan submission to ward off any last minute surprises later in the process when your hard earned money is at stake of being lost. Most mortgage brokers work weekends and evenings - Try calling Bank of America Sunday at 10 AM when you have a question about your home loan.
All of this can translate to a far less stressful experience for the consumer and ensure a greater chance that the loan will close within purchase contract closing and lock expiration dates.
“Yes, that’s great but we want a competitive rate as well” ...you say. A mortgage broker puts you in a position to enjoy “Competitive Advantage” in the marketplace. With a bank, you are held captive to only their pricing and they are, often more stringent, guidelines. Whereas a broker can scour the market with their reputable lender databases and find the lender that has the best price for your qualifications and direct your loan to that source.
Cherry Picking should only be for cherries. It is common knowledge that banks often have more stringent guidelines and select, by way of their posted guidelines, the top tier mortgage loans. This could present challenges if you fall outside of those parameters as many do, i.e. low down payment for a home purchase, self-employment, stock option income, career change, credit issues, low reserves, 1031 exchange loans and much more.
In this post-credit crisis climate, it is more important than ever to choose a mortgage professional that you can trust that has your best interest in mind with over 20 years in the business.
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