Team Sherman Savings! We are up to 800 views! I still want to get to 1,000 by the end of the year, so if you know anyone that needs a little savings help (i.e. they have a pulse, a job or a credit card), PLEASE encourage them to read on.
I recently realized that many people are NOT AWARE of what I do. I find this to be a shame because I talk about savings with people, but the biggest savings one can find in a single transaction, is through the purchase or refinance of a house.
I've told you how to save, $5 at dinner, $25 for utilities and $1,000s for a lifetime. However, choosing me as a lender versus another one, can save you $100s up front and $1000s more over the life of the loan.
In case, you haven't got it from my ANNOYING FACEBOOK posts, I work as a mortgage banker/loan officer. This means when you are looking to buy a house, I get your basic information and tell you the loans you qualify for. In addition, I give you the pros and cons of each loan. Finally, I get the more detailed information from you and you speak with ME from the beginning of the loan process until I come to your closing.
Why does the lender I choose matter?
Large Bank vs. Mortgage Company
What you get from a bank:
1.) You have many retail branches for convenience
2.) A loan officer that paid a fee to be "Registered" to originate loans
3.) You can wait up to 60 days to hear if your loan is approved
4.) You get quoted "4.25% from advertising" but when you dig deeper, see that the rate is actually 4.5%.
5.) They offer you 1/8% off of your rate for opening a checking account.
6.) Sell you the hot product
What you get from a mortgage company:
1.) Your loan is sold to a company that has many retail branches for convenience
2.) A loan officer that has to pass multiple tests to originate loans
3.) You may have to wait up to 48 hours from turning in your documentation to hear if your loan is approved
4.) You get quoted a rate, unless circumstances change (credit rating, market rates, etc) you get that rate.
5.) Your rate is already 1/8-1/4 better anyways, no need to open accounts.
6.) Tell you all your options and we can discuss in detail the best option for your situation
Should I go with who my realtor recommends?
In the "best interest" of the consumer the government has implemented many different regulations in regards to the mortgage industry.
1.) YOU have the right to choose whichever lender you want.
2.) YOUR REALTOR is required to offer you at least 3 different options for mortgage lending if you don't have any in mind.
3.) A GOOD FAITH ESTIMATE is required to be provided to you once an application has been taken.
4.) If your APR changes by MORE than .125% from your application date, your lender is required to provide an updated Truth in Lending statement at least 3 business days prior to your closing.
5.) When you "lock-in" your rate, it DOES prevent you from receiving a higher rate if market conditions get worse. WE offer a special rate negotiation where, if rates drop significantly from the time you lock your rate, we can lower your rate.
Who has learned something today?
If you didn't read last week's, I recommend you do. Because, guess what? YOU ATE OUT AT A RESTAURANT IN THE LAST WEEK!
If YOU WANT TO SAVE MORE MONEY, PLEASE EMAIL ME AT davids@eqfin.com and I help you!
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