4 Benefits of Choosing a Mortgage Lender BY JAY WHITE
Clients often contact mortgage lenders after talking to other lenders about a mortgage. While their first instinct is to contact whomever they are making payments to, or most familiar with, there are benefits to first contacting a lender who specializes in mortgages.
1.
Mortgage lenders get you to the closing table quickly. Mortgage lenders with experienced
mortgage originators know what documentation is required for underwriting. They help you understand what is required, and ensure you don’t provide more documentation than needed, helping you complete your home loan transaction quickly.
2. Keep your cash reserves.
Even if you have millions of dollars in your bank accounts, it might serve you better to have cash on hand as an emergency fund, or available to make other investments. There is no true relationship between the amount of money you have and mortgage loans. Contact a mortgage lender to discuss your options.
3.
in three weeks or less and to come fully approved. Quick prequalifications no longer work. Receive an expert appraisal. Not all appraisals are equal. Some lenders use large national appraisal management companies. Appraisers who are experienced will not sign up with these companies, as they keep in excess of 50% of the appraisal fee. Rather than getting an experienced appraiser, you might end up with a novice appraising your home. For peace of mind, choose a mortgage lender who partners with highly rated appraisers.
4.
Mortgage lenders are nimbler, focusing only on mortgages, while being customer-service driven. Other lenders have many products, such as depository accounts, car loans, personal loans, credit cards and financial advisement, as well as mortgages. Mortgage lenders do one thing, and do it well. The next time you are thinking about refinancing, or buying a home, contact a mortgage lender to see the true difference.
Mortgage lenders help you win offers. In today’s
environment, a fully approved loan from a lender is more likely to seal the deal than a prequalification letter from another lender. Mortgage lenders are quicker, because they specialize in mortgage lending; others focus on multiple products. To win offers today, you need to be able to close
Jay White, top 1% in the nation in mortgage originators according to Mortgage Executive magazine, has 19 years of experience and is a multimillion dollar producer for Bay Equity Home Loans.
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