The Company – Choosing a Bank or Lender for Your Mortgage
Okay, you’ve found a solid mortgage broker who is professional, competent, and, ideally, certified. As with any professional, the infrastructure that supports him or her is an important factor. Here’s what you want to ask.
Are you a Broker or a Lender?
Lenders are employees of the mortgage companies, mortgage brokers act as a middle man between a lender and you. For a purchase transaction working with a lender is very important. A direct lender often has more flexibility than a broker and is able to maintain a higher level of control over the process (after all they work for the mortgage company!). Also, if a middle man is involved, you can expect additional fees. These fees are known as “junk fees” in the mortgage lending industry.
Does Your Company Process and Underwrite the Loans in Your Office?
If the loan processing is handled “in-house” the service will be more consistent. If a loan officer works with the same underwriter, they will build a rapport with that person. This could be very helpful when dealing with unique circumstances specific to your financing.
Will my Mortgage be Sold to Another Company?
Ideally, you want a company that will keep the servicing for your loan. This will prevent any hassles and confusion associated with another company assuming your mortgage. Also, there may be additional services available to you as a current customer including cost savings on future transactions.
About the Author - Kabir Mahadeva
Kabir Mahadeva helps clients to create and preserve wealth by integrating their mortgage with their overall financial plan. As a Certified Mortgage Planning Specialist®, he is one of a very select number of professionals who have earned advanced certification in assisting clients to achieve financial goals including funding retirement, paying for college, optimizing cash flow, reducing tax costs, and increasing net worth. Click here to read more about Kabir Mahadeva.
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