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How To Pick Your Lender

In the whirl wind that surrounds the home buying and mortgage process, how can a consumer be sure that they are working with the right lender? I mean there are so many choices…here’s some things to consider:

What type of company is it?

There are direct mortgage lenders, banks/credit unions and mortgage brokers. Direct lenders have been hamstrung by the increasingly expensive compliance and regulatory costs imposed by regulators which adds to their overhead and trickles down to higher rates and fees.  Banks are usually limited in program choices and hamstrung by tighter underwriting. Mortgage brokers have the much lower operating costs, financial stability and access to a much wider variety of loan programs through their network of wholesale lenders/investors.  From a global perspective, I see the mortgage broker as a clear winner.

How does the company operate?

Many people are dismayed when they find out where their loan is processed or underwritten…or where the appraiser is from. It is important to work with a company (and their affiliates) who understand the nuances of your local market. Asking the questions up front can save you headaches down the road.

What about the individual loan officer/loan originator?

Your relationship with your Mortgage Loan Originator (MLO) and their processor becomes the most important ingredient to a successful transaction. How well do they educate you about the process, the requirements…the factors that determine your approval or the interest rate you will get? Many MLOs are “order takers”. Others are weak in follow up or communication. This is difficult to determine on your own which is why the referral from another person who used them or your real estate agent has far more value than most people know (until it’s too late).

Too many people stay focused on quoted rates and fees and neglect to see the whole picture of what is needed from a lender. Look for great communication, superior information and education, understanding of the local market and someone who looks at your application as something more than a number. Be prepared to pay a little more to get a better experience (even though it might not cost you any more)….in the long run, lowering stress can be more important.

Sunset Home Mortgage & Financial Services, is a Licensed Mortgage Broker.  Our 30+ years of experience and the relationships we’ve built with a nationwide network of wholesale lenders & investors is the benefit we want to pass onto you.  This benefit is what makes Sunset Home Mortgage & Financial Services and the Real Loan Partners team the mortgage broker of choice when working with referral professionals such as: Realtors, CPA’s, Financial Planners, Attorneys and Developers.

I welcome the opportunity to be your Real Loan Partner!

I can be reached at: 305-764-5554

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