The TRUTH About Mortgages
When buying or refinancing should you expect the process to be painless and hassle free? As much as a great mortgage professional can shield you from the nuances of buying or refinancing it is still going to be bumpy now and again. You are making the biggest financial decision you will make for some time to come afterall.
Will you be able to get the cheapest rates in Colorado with me? With all of the advertising dollars being spent by lending institutions to make the phone ring, I am going to tell you upfront NO, but my rates and fees will be competitive and truthful! But if you have ever stayed at a 5 star hotel after staying at a 3 star hotel you can describe to your friends which was better. One will offer you the lower rate on your room, but you might not feel comfortable while your there, and when you go to check out they may have added to your rate or fees. Now, since you have already stayed in the hotel you can’t back out of paying them as your bags are packed. But the luxury hotel experience having been competitively priced will have you raving to your friends about how warm and fuzzy you felt leaving there. That is how I operate my business, to leave you feeling warm and fuzzy and wanting to tell your friends about our services.
How do I know you will take care of me, and not mislead me? This is a great question and concern. Again you are trusting your mortgage and finances to us. I can tell you with over 10 years of mortgage banking experience, you can rest assured that our team will have your back. If you would like I can also send you copies of blind customer surveys filled out at the closing table by previous customers. Being as my business is around 85% referral based we rely on being able to back up our word and makig sure our family of clients is not only taken care of but feels good about our relationship.
What types of loans do you specialize in? Being kind of an information geek, I have learned to read underwriting guidelines for loans to know for sure I can go to bat for my clients. Afterall, an underwriter approves your loan, but it should be approved before it gets to them. I have underwritten loans myself, so I can assist you with all types including FHA, VA ( I have one myself) ,Conventional Loan, Jumbo loans and Investment property loans ( I have multiple myself).
What makes a great mortgage professional? A great mortgage professional is one that will advise you even when it means they don’t earn a commission from it. Or even when you get the answer your not looking for, the truth. You want a mortgage professional that can help you travel the maze of underwriting guidelines, home buyer programs, investment calculations, tax benefits of homeownership (including investment property tax benefits and 1031 exchanges), insurance knowlede on basic coverages, and most importantly planning for your future. With your home being a top tool in your retirement portfolio shouldn’t they be able to?
What should you ask when interviewing a mortgage professional or researching them online? This is a big one, because it ultimately may determine who you work with!
Do you have an office I can meet you at? If they work from home or can only meet you at a coffee shop yoiu may be headed down the wrong street and stuck with a broker that might falter at the closing table.
Are you FHA / VA approved? This has become big with the increased mortgage insurance for conventional loans, and the credit crunch you could be paying $125 more per month if you select the wrong individual. That is $7,500 0ver 5 years.
Are you CHFA or MMA Approved? With the potential elimination of down payment assistance you could be left out in the cold if your lender is not CHFA approved. (only 13 lenders in Colorado are, and we are one of them.)
Are you a mortgage broker or banker? Chances are if they are a banker you might be in good hands. If they are a broker, you are subject to someone who will take basic information about you and pass it along to a wholesale account executive and expect them to tell you if you’re approved.
How long have you been doing home loans and Do you own your own house? Now there are solid mortgage professionals just getting started that may not currently own a house. However, if someone has been in the business over 2 years and doesn’t own a house chances are they aren’t doing very well and may be out to get paid as much as possible on every deal just to pay their bills that month.
Do you have a website? This is kind of an off the wall question, but if you visit their website it will tell you alot about the individual you are working with. If it looks like it was made on front page then chances are you will get that same level of knowledge and service from the mortgage person. A website should be educational, informational, including having a blog to keep you up to date on relevant industry changes.
How many loans do you close on average personally per month? If someone isn’t closing 2-3 per month then again chances are that they may try to take you to the cleaners to make sure they can pay their bills that month. If you get an overall red flag in your belly about everything above and they tell you they are closjng 15 a month in this market, then they are flat out lying to you. If someone seems honest and has good representation then they will be in demand. If they are in demand chances are you want to talk to them more. That means other people trust them, want them to do their mortgages and they will take great care of you.
With our Denver team having over 50+ years of combined experience in this business we have one golden rule: We are only as good as our last client feels we are! That encompasses being a lender who takes the time to not only educate our clients while pushing ourselves to go above and beyond the expectations of our clients. Our service level commitment has cemented our name in the local real estate industry amongst the top tier lenders in Denver. We can honestly say that our reputation speaks for itself, as we continue to provide our clients and the Real Estate community with delivering on our word. We value your business and work hard to earn your trust through our honesty and integrity.
At your convenience, if you have any questions about anything you have read here feel free to shoot me an email or call 303.779.0591 x101 to talk further about your housing mortgage needs.
Ray Williams, Branch Manager, Summit Home Mortgage Denver