Sketch, Carl Bucks
The lender is usually a huge, bureaucratic institution.
The people are nameless and faceless, and you are no more than a speck of dust in their universe! If your loan gets lost in the bowels of the organization, then there will be 100 new loans to replace yours, and you will never be missed. The processors may punch a clock and could not care less if your deadline is tomorrow; at 5:pm today, even with the simplest task yet to do, they are going to punch the clock and go home! If overworked, they may work at their own pace, oblivious to what this does to your life and your home purchase. Underwriters may delay their conclusions to the very end of your transaction and then require numerous conditions to be fulfilled before funding your loan, thus causing you to close late.
What if, in addition to this ‘no-service’ lender, you also have a nameless, faceless, ‘no service’ mortgage broker? Trust me; it is almost hopeless, and you are helpless, and life is going to get more complicated and painful. Don’t do it!
It’s not a pretty picture, but this scenario can be replicated for almost any industry. Have you tried to get good customer service from any large institution (cell phone, computer, utility, credit card, big box store…)? This is just reality, and it is the challenge that must be overcome for you to have a life and be happy!
Who to Avoid Like the Plague:
[pullquote align=”left”]It is our professional recommendation that you do not select your mortgage lender online unless they have a local office! [/pullquote]
The Internet is a priceless resource for information. It is instant and provides a level of access very few have had in the past. But it is also a dangerous place. You often do not know whom you are dealing with or what kind of company. Sometimes things work; too often they do not.
Avoid Lending Tree, Quicken Loans, and a host of other online options. They may offer a simple process and a lot of products, but like any big company, they sacrifice excellent customer service and accountability to be one of the big boys. Do you want to gamble with your most valuable asset?[space5]
Finally, you love your family and friends, but they may not be the best source for your business decisions.
A good mortgage broker should be deep in the industry and have broad connections. They have worked hard to become a valuable resource to the lenders and build a reliable professional reputation. They can rescue a troubled loan, they can call in a favor if needed, and they can sometimes get the benefit of the doubt. Is your family connection, friend, neighbor, or other personal referral such a person? If so, this is a benefit. If not, you will pay handsomely for your generosity. Do not let emotion cloud your judgment in making a wise decision.
Search locally and ask for referrals from Realtors® and other industry professionals.
[button size=”large” link=”https://thebellacasagroup.com/real-estate-referrals/” target=”_self” color=”yellow”] Mortgage Broker Referrals[/button][space5]
At Bella Casa Real Estate Group we have chosen not to have Affiliated Business Relationships with mortgage brokers. This means we do not have a financial interest in using anyone. We have no conflict of interest in referring the best to you. We get nothing in return for our referrals. All we ask is that our clients be treated as well as we treat them. We urge you to refer to our list of Mortgage Brokers when selecting your broker. Take the time to meet with several of the brokers or loan officers before you make your final decision. Get a feel for whom you’ll be working with as well as the rates and mortgage products they offer.
Randy McCreith, Principle Broker Bella Casa Real Estate Group 503-310-9147 cell
Published on: Dec 28, 2009