In this post, USDALoanInfoNewYork wants to talk about hiring a really good loan officer or Mortgage Lender in New York and the importance of doing that, especially when searching for a USDA Loan in New York.
We want to give you a real-life scenario that happened to a buyer who was searching for a mortgage lender in New York this week. This should serve as a sample to really drive home the point on how important it is to hire and make sure you get a really good loan officer.
USDALoanInfoNewYork believes that you should search for an honest mortgage lender, no matter where your house buying adventure takes you.
To get started with our Mortgage Lender example, we find ourselves taking a buyer call with what happened. One of our officers had just got back from vacation and found out that there was a problem with the USDA Loan in New York. The lender that the prospect had hired actually made an error which delayed three days of the process!
If you are in the market for a home mortgage, there are plenty of places to find one. You simply need to look on the Internet, turn on your TV, or open up a newspaper to see all kinds of Los Angeles mortgage lenders offering their services. You may even receive a cold call from a bank inquiring about your mortgage needs. There are, however, huge disparities between a decent LA mortgage lender and a great mortgage lender. Let's take a look at a few differentiators that set top lenders apart from the rest.
Are They Being Referred?
One of the best and easiest ways to find a trustworthy and reliable Los Angeles mortgage lender is to ask your friends, family, neighbors, or co-workers which lender they've had a positive experience with. Another good person to ask is a real estate agent, as he or she works in the field and therefore has a good idea of who's good and who's not.
Look At More Than Just Rates
Do not simply choose the Los Angeles mortgage lender offering the lowest interest rate. You also need to find an LA mortgage lender with excellent customer service, otherwise your loan may go unapproved, or you may pay unnecessary fees. Help yourself make the home-buying experience as seamless as possible by researching and selecting an LA mortgage lender offering both quality service and low, low rates.
Experienced LA Lender, Experienced LA Loan Originator
A lender is the bank, credit union, or mortgage company through which you receive your Los Angeles mortgage. A loan originator is the person at the institution who works with you to draw up your mortgage. It is imperative that you not only select a reputable, financially-sound lender, but also an experienced, trustworthy LA loan originator.
Be sure that your loan originator has at least five years experience in the field, fully understands the market, and offers good customer service. Be aware that you may select the best Los Angeles mortgage lender in town, but if your LA loan originator is new on the job, or a disgruntled employee, you may not receive the loan rates and terms you want.
Do They Listen to Your Needs?
Top Los Angeles loan originators know their stuff, but they also take the time to listen to your needs, goals, and limitations. They will offer sound advice on the different Los Angeles mortgage programs to choose from, offer good-faith estimates on closing costs and interest rates (and then lock them in), and provide comprehensive answers to any mortgage questions you may have. Choosing the right option from all the available Los Angeles mortgage programs may seem like a stressful, daunting task, but if you have a patient, trustworthy, and competitive LA lender and loan originator, you'll walk away satisfied.
The Mortgage Lender wasn’t using the builders lender so what happened is the Builder was charging them $300 per day for every day they did not close.
The prospective client was getting hit with a $900 bill the good thing is they had a really good loan officer with a really good company and they basically stepped up to the plate and paid that bill!
Here, you might be thinking to yourself well yeah of course they should and you’re absolutely right. They should but, we have been on the end where these lending companies not they’re just like ‘hey we’re sorry this stuff happens it’s not our fault we’ll get the loan done as quick as we can’.
There’s situations, especially in this market right here in Pennsylvania that we’re in – meaning we are in a seller’s market – where, if you don’t close on time and there’s a backup offer that’s better than yours on a pre-owned home.
If that happens, they might just cancel the contract and they let it expire and take the other offer.
If you’re working with a builder or if it’s on a relocation company, there’s a per diem every day if you don’t close and it could wind up into hundreds if not thousands of dollars.
If you’re searching for a Mortgage Lender in New York, you need to make sure the lending company that you hire is:
-Understands the USDA Eligibility Guidelines
AND is someone who’s going to do the right thing. USDALoanInfoNewYork suggests that you always ask for references.
The best place to start is your real estate agent if they’ve been in the business a while they should have a really good relationship with a really good loan officer and mortgage lender company.
Mortgage Lenders in New York: Here’s how to Apply for a USDA Loan
When a person is in bad credit, it depicts to the world that he is not worthy of credit. If he tries to take a personal loan, banks and financial institutions will shut their doors on him. Only sub prime bad credit lenders will give him money but they will charge exorbitant rates of interest. However, he can avoid all these problems if he goes in for a mortgage loan. In this type of loan, the borrower has to give same asset as a security for the loan. If he defaults on the loan, the lender can sell the asset and use that money to realize the loan.
Mortgage lenders charge very reasonable rates of interest as their own risk is very less. Bad mortgage lenders may charge a small premium fee as compared the ordinary mortgage lenders as it is considered a huge risk to lend money to a person in bad credit. Forbes and various other agencies conduct surveys and compile a top ten list of bad mortgage lenders. Based on these data, let us analyze the names that are on the list.
Citigroup: The largest financial services company not only in America but in the entire world-this honor goes to Citigroup, whose assets exceed $1trillion. It has more than 200 million customers in more than 100 countries. It is largest issuer of credit cards in the entire world. It survived the great Depression, innovated itself in the mid-20th century and feel into a series of scandals in the early 2000s. Still, it holds its ground because of its unparalleled service and total solutions. Its major competitors are J. P. Morgan chase & co., Bank of America Corporation and Merrill Lynch & co. Citigroup has a still longer way to go. It has set its aspiration for a 75% increase in dividends. Only time will tell if this dream is to become a reality.
Citigroup tops the Forbes list as the best mortgage company for bad credit. One main reason for this is the unparalleled customer service that this company provides. This corporate giant has a large network of support to ease the application and use of mortgage loans for its borrowers. It has a great reputation that it preserves untarnished. It operates in moose than 54 countries apart from America. In 2006 alone, it had revenue of $108 billion and current assets of $1.3 trillion.
Bank of America: Next in line appears the Bank of America. It ranks second in the Forbes list. This is America's leading bank. It is a leader in offering mortgage services and small loans to its customers. It is not only the third largest American bank but is also a guru in credit card dealing. The best part in availing a mortgage here is
i) There is no application fee and closing fees here
ii) There is no need for private mortgage insurance
iii) it has close on-time guarantee and the best value guarantee
iv) Bank of America have 24/7 support to check application status and get real time status updates.
Wells Fargo Bank: Wells Fargo is the major American mortgage company. It has more than thousand branches spread across the world. Out of its' revenue of $33 million in 2005, mortgage lending contributed a major portion. As per the market cap, this bank is the 9th largest in the world and it is the 5th largest bank in America as per its assets. It has more than 23 million customers and nearly 160, 000 employees.
Wachovia: Wachovia is the fourth largest mortgage bank in America. They have a 25% discount offer on the origination fee if you use their online service. Wachovia assists mortgage-takers in every step from buying a new house to moving in. In fact, they have a 'Move Easy with Wachovia' program wherein you can avail their moving service at no additional cost plus you can even win a cash reward if you use their network real estate agent to purchase your house.
Golden West Financial Corporation: The third largest savings and loan corporation in America is the Golden West Financial Corporation. It has nearly 450 locations. This is one of the best and largest bad mortgage lenders in America. It focuses mostly on the individual home buyers. One small disadvantage of this company is its traditional nature. It is not quick in taking up and offering the zillions of other little products and services that other companies offer. But, still it has held its ground even in difficult economic environment.
BB & T: BB & T provides total financial solutions for everyone-right from student loan and home loans to loans for raising capital and financing businesses. They offer credit cards, insurance, merchant services and all. It is the nation's 14th largest financial-holding company and has locations in over 11 states at 1500 places including the Washington D. C. It has nearly 29000 employees to provide a total comprehensive service solution.
Popular: Puerto Rico's largest bank is Banco Popular and this is a subsidiary of Popular Inc., a bank holding company. It is the largest vehicle-leasing and daily-rental company of Puerto Rico and issues mortgages and other loans. It has seen a rapid growth in US in last few years and now stands as one of the leading provider's of bad mortgage loans.
After this appear M & T, Marshall and ILSLEY, Amsouth Bancorp and Synovus Financial. They find a prominent place in most of the lists of bad mortgage lenders. This list is neither accurate for all times nor is it comprehensive.
So, always shop around and get quotations from various lenders before choosing the lender who is best suited for your financial situation. Remember the business maxim 'caveat emptor' - 'let the buyer be aware' applies to mortgage loans too.
Choosing a Mortgage Lender That's Right for You
Congratulations, on your decision to start the process of finding home lender. Now that you have made this life changing decision how do you differentiate between a good mortgage lender and a bad mortgage lender? To answer that question, first you will need to know what the qualities are in a good mortgage provider. Below is a list of things that you might find in a good accredited home lender:
a) They will provide information on the widest choice of options and terms available for your specific needs.
b) Your mortgage lender will serve as a personal guide in the mortgage marketplace.
c) They will counsel the homebuyer on the available financial alternatives.
d) A great lender will become creative to finding you solutions upon the unavailability of a traditional bank mortgage.
e) They will deal on your behalf with all other potential lenders.
f) A good home lender will then arrange for a mortgage loan that is best suited for your needs.
g) They will also arrange for the best rates for the home mortgage loan that you have chosen.
With that information, it is easier to search for a good sincere and honest mortgage lender. But, not stopping at that list of qualifications there're some extra things that will add to the list of benefits. Another advantage is that with certain types of loans a mortgage company may act as a mortgage lender, on others, it may simply play the role of a broker. A Mortgage lender may also operate from different locations, at certain times, they prove to be more beneficial than your local lender. Since the Internet has become everyone's favorite informational portal, lenders no longer operate within their own territories; instead, a nationwide service is what they look forward to. Providing future customers with more options, as that particular lender is well resourced.
Not stopping, there a good home lender does more than just going for the best loan rates available for their future homebuyer. For instance, if you were self-employed, you might not qualify for a traditional bank mortgage, for whatever the reason might be. Sometimes it might not be a fault of your own, but the financing bank is just unwilling to finance the home loan, because they think it will be a risk to their institution. This is where the home lender will step in, and act as liaison, or as a consultant if a cash-back, or a second mortgage is the requirement.
Here's a little bit of information on the different types of mortgage lenders, and providers:
I. Hard moneylender: They are known for short-term mortgages and in most cases offers worse rates than a traditional banking organization.
II. Traditional Mortgage Providers: Banking organizations and licensed mortgage dealers, operating both online and offline.
As stated earlier in the article a mortgage provider also works as a broker at times, it's important for the future homebuyer to know what will be covered within the brokerage service.
Apart from chalking effective marketing plans to attract future homebuyers, a mortgage provider also does the assessment of the borrowers circumstances including assessment of credit history, verifies affordability through documentation or alternative processes, and assesses the market to find a suitable mortgage loan fitting the future homebuyers requirements. Which will also help if the mortgage provider has to act as a liaison on your behalf.
Finally, an accredited home lender must take into consideration the affiliation from the top wholesale institutions, namely, Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage (Freddie Mac). Mortgage loans given out by an accredited home lender must comply with their jointly derived standard application form guidelines. This enables a home lender to become an eligible seller for the wholesale institutions and offer a larger scale of services to their future homebuyers, or investors. Packaging mortgage portfolios in the conformity that occurs with the secondary market does this. The agreement maintains the ability for the mortgage lender to sell mortgage loans for cash, so that if there's a drop in the interest rates and the portfolio features a higher average interest rate, it can be sold through a banker for a larger profit.
Now the next big question: When should you start looking for a mortgage lender?
To simply put it, when you feel that you're ready to take the steps to mortgage a property, and pursue ahead to get a mortgage loan that will make your life dreams a reality. To be honest no one can determine that for you, only you will know when you are financially, emotionally, mentally, and everything else that comes along with the "ally's" when you will be ready.
Good Luck on find the right accredited home lender. I hope that they will be able to assist you in purchasing the home of your dreams!
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