Do You Need A Home Loan?

Mortgage Brokers, Banks & Credit Unions

Which lender are you working with?

• Mortgage Brokers

Mortgage Brokers work on Commission and get access to wholesale loans offered at lower rates so they can compete with banks while offering much more in service and time to make a game plan with.  Mortgage Brokers are human too, so finding a great one is easy!  Just ask a Realtor who knows one like we do who closes every time on time.  Realtors make commission only as well so it's important who you work with cause Realtors only make money if you close, so any mistakes made hurts not only you, but your agent, the seller's agent, the seller, and others impacted by delays or even worse, a sale fail!   You're making a huge purchase, make sure you have great people around!  We recommend Michael Eiden below!

• Banks or Bankers

Banks are great to work with on all kinds of loans, but when it comes to Home Loans, they usually only work banking hours, so ask!  Most offers are made late at night or on the weekends when we need a pre-approval letter to match the offer vs showing our cards, and if we find a home that has multiple offers, having your approval or even access for the seller agent to contact and confirm, since some bankers give approvals without taking the time to really approve.  This is why "who" you work with is so important.

• Credit Union

Usually Local and has their own lending guidelines.  Credit Unions usually offer great home loan rates and fees but tend to lack the service and again, do not have as many lending options for you.  For instance, if you are declined by a Credit Union, that doesn't mean you can't get approved.  I like credit unions more than banks, but Mortgage Brokers have access to all lenders.  If you do get approved, consider getting a 2nd Opinion with a broker who is available on the weekends!

• Private Money

Private or "Hard" Money or "Soft Money" is consistently money borrowed from an investor and you should be able to offer proof-of-funds with a signed or notarized letter from the Lender.

Lenders, Lending Options & Guidelines

Factors to consider when choosing your lender

• Communication or Lack Of?

The MOST Important thing is great communication.  Things happen and having a lender that is knowledgable is great, but are they accessible or responsive.   Sometimes we have issues with Lenders who are newer and scared to say they made a mistake or some internet lender in Florida who doesn't care about updating cause it's a numbers game and they put it on their processor who is paid hourly by the company and could care less about the commission made from your sale.  So make sure you know who you can call for a pre-approval to make an offer during the weekend or evenings, and make sure the lender has a team that communicates as well if they are just taking the application.

• Processer / Transaction Coordinator

A good processor or transaction coordinator can make or break a purchase.  There are time-sensitive documents, as well as updates and communication that are required and experience is worth its weight in gold.  Make sure you have access to the processor who will be working on your file just as much as the loan officer.  A good processor should be working with you on making sure your transaction is going smooth and like we are a team, they are apart of our team and we should all be keeping everyone proactively up-to-date.

• In-House Underwriting vs Out-Of-State Underwriting

Loan Officers are usually just the person you speak with, or the processor...but what about the underwriters?  Some lenders have a base of underwriters in one of the big cities in Florida, or Texas, or California, and they don't work the same timezone sometimes which creates such a headache for everyone involved if there are any questions you may need answering or last-minute paperwork to be reviewed.  We work with Lenders who have In-House Lending which saves you days in response time when time is of the essence!

So Now What?  What Are The Next Steps To Take?

Have our team represent you!