Looking for the Top Mortgage Lender in New York City?
When you’re searching for your first home, you’re also searching for your first mortgage lender.
Now, it’s difficult to make specific recommendations on lenders because it’s way too tough to stay up to date on the many thousands of lenders who work in the New York State Area
However, USDALoanInfoNewYork can give you some very useful tips for how to approach your search for a lender.
When you’re looking for a mortgage lender you want start off by talking to a mortgage broker who has a good reputation in your area.
>>> WELCOME BACK.
WHETHER IT IS TIME TO OWN YOUR DREAM HOME, FINDING THE RIGHT HOUSE IS ONLY THE BEGINNING.
>> FIGURING OUT HOW TO PAY FOR IT IS EVEN MORE IMPORTANT.
JOINING ME NOW IS JEFF MCCARTHY AND PAT GOSA FROM FIRST BANK FINANCIAL CENTRE WITH SOME IMPORTANT QUESTIONS THAT YOU SHOULD WHEN YOU ARE LOOKING AROUND FOR A MORTGAGE LENDER.
GOOD TO SEE YOU GUYS THANKS FOR BEING HERE.
AS I MENTIONED FINDING THE HOME IS LIKE THE FIRST GOOD LIKE MOMENT.
THAT'S WHAT YOU GOT TO DO, BUT AFTER THAT, KNOWING THE RIGHT QUESTIONS TO TALK ABOUT WITH YOUR MORTGAGE LENDER OR SUCH IS IMPORTANT.
SO MANY PEOPLE SPEND YOU KNOW MONTHS LOOKING FOR THE DREAM HOME, THAT THEY ARE GOING TO RETIRE IN OR RAISE THEIR FAMILY IN, BUT A LOT OF PEOPLE DON'T TAKE THE TIME TO FIND THE RIGHT MORTGAGE LENDER FOR THEM.
IT'S ALMOST AN AFTERTHOUGHT FOR A LOT OF PEOPLE.
THAT CAN BE A BIG MISTAKE IN THE PROCESS.
>> WHEN SHOULD PEOPLE START LOOKING FOR THE RIGHT LENDERS? IS THERE A SPECIFIC TIME? >> I TELL YOU, SOONER THAN LATER BECAUSE, YOU WOULD HATE TO HAVE TIFFANY SOMEBODY FIND THEIR DREAM HOME AND FIND OUT LATER THEY DON'T QUALIFY FOR THAT MORTGAGE LOAN.
THE SOONER CAN YOU GET IN TO TALK TO A LENDER THE BETTER.
WHETHER IT IS YOUR FIRST TIME BUYING A HOME OR FOURTH TIME, OUR GUIDELINES ARE ALWAYS CHANGING, THE LOAN PROGRAMS CHANGING, SO IT'S GOOD TO GET IN AND TALK ABOUT YOUR INDIVIDUAL SITUATION WHETHER IT BE INCOME, CREDIT, DOWN PAYMENT WHAT HAVE YOU.
>> I KNEE BEING PRO APPROVED AND KNOWING WHAT YOU CAN AFFORD ARE IMPORTANT.
WHAT ARE THE VERY FIRST THINGS YOU SHOULD ASK YOUR LENDER? IF I COME IN TO MEET WITH YOU OR ONE OF YOUR SALES STAFF WHAT SHOULD I BASICALLY SAY? >> USUALLY.
PEOPLE HEAR FROM THEIR FAMILY AND FRIENDS AND SAY FIND OUT WHAT THE RATES ARE AND CLOSING COSTS ARE.
A IMPORTANT ASPECT OF COURSE.
MORE IMPORTANT IS REALLY, ASKING ABOUT THE DIFFERENT LOAN PROGRAMS THEY MAY QUALIFY FOR.
ALSO THEIR INCOME.
YOU KNOW WE HAVE TO SOURCE THAT.
IS IT JUST W2 INCOME, COMMISSION INCOME.
WE NEWS INCOME THEY ARE TRYING TO COUNT TO QUALIFY.
SAME WITH ASOCIETIES WE HAVE TO TRACK THOSE ASSETS A PAPER TRAIL WHERE ARE THEY COMING FROM.
THE SALE OF A HOME OR ASSET.
MONEY THAT IS GIFTED TO THEM.
WE HAVE TO NAVIGATE THROUGH ALL OF THAT.
THEN GIVE THEM A GREAT IDEA WHICH LOAN PROGRAM IS BEST FIT FOR THEM.
>> THERE ARE DIFFERENT LOANS THAT CAN HELP YOU THAT ARE SO IMPORTANT.
WHY DO YOU THINK IT IS IMPORTANT THAT A LENDER HAS EXPERIENCE? >> I THINK A LOT OF TIMES BECAUSE THEY ARE ASKING THOSE QUESTIONS.
THEY ARE ASKING ABOUT THE INCOME, THE ASSETS AND WHAT HAVE YOU.
THEY KNOW THE LOAN PROGRAMS, THE LOPE GUIDELINES.
YOU WANT SOMEONE THAT IS VERY EXPERIENCED IN THOSE TO ASK THE RIGHT QUESTIONS NOT SO MUCH THE CUSTOMER ASKING YOU THE QUESTIONS, BUT SO THEN YOU CAN CREATE THAT PRODUCT FOR THEM, THAT FITS THEIR NEEDS.
DO YOU SEE OFTENTIMES PEOPLE COME IN AND THEY DON'T REALLY KNOW WHAT TO ASK OR THEY DON'T KNOW WHAT THEY CAN AFFORD? >> EXACTLY.
>> I BET.
>> I REALLY SUGGEST PEOPLE TO GET IN AND GET PREQUALIFIED.
EVEN BETTER TO GET PREAPPROVED THEN IT GOES TO THE UNDERWRITER TO MAKE SURE WE HAVE ALL OF OUR DUCKS IN THE ROW.
>>> A LOT OF PEOPLE I WOULD GUESS JUST GO IT THEIR PRIMARY BANK.
THEY THINK OKAY I ALREADY HAVE AN ACCOUNT WITH THESE PEOPLE THAT WORKS.
I'M JUST GOING TO GO THERE BECAUSE I'M FAMILIAR WITH IT.
THAT'S NOT ALWAYS THE RIGHT DECISION.
CORRECT? >> IT VERY WELL COULD BE.
IT MIGHT NOT BE YOU'RE RIGHT.
DOES THAT LENDER USE GRANTS THAT ARE AVAILABLE TO FIRST TIME HOME BUYERS? DO THEY DO CONSTRUCTION LENDING.
COULD THEY DO PORTFOLIO LENDING.
DO THEY HAVE ALL OF THE COATS IN THE RACK SO TO SPEAK WITH THE DIFFERENT LOAN PROGRAMS OUT THERE AND DO THEY UNDERSTAND THEM IF THEY DON'T DO A LOT OF THEM THEY MIGHT NOT BE THE BEST CHOICE.
>> ARE THEY COMPETITIVE WITH THEIR RATES OF COURSE AND CLOSING COSTS.
>> LIKE YOU SAID THE FIRST THING PEOPLE THINK OF IS WHAT IS THAT PERCENTAGE AT.
THAT'S WHAT IS MOST IMPORTANT.
IT IS NOT ALWAYS WHAT IS THE MOST IMPORTANT PIECE OF IT ALL.
WHAT DO YOU GUYS THINK SETS YOU APART AT FIRST BANK FINANCIAL CENTER? >> FOR ME MY SALES TEAM.
WE HAVE AN EXPERIENCED GROUP THEY KNOW TO ASK THE RIGHT QUESTIONS.
THEY ALSO HAVE A PASSION FOR THE BUSINESS LIKE I DO.
THY THINK THEY WANT TO HELP THAT CUSTOMER HAVE A GREAT EXPERIENCE THROUGH THE LOAN PROCESS AND, NAVIGATE AGAIN, TO BE YOU KNOW LIKE A FUN EXPERIENCE TOO.
>> OWNING HOME IS STILL I THINK THE AMERICAN DREAM WHETHER IT IS A CONDO, A HOME, A TOWN HOME WHATEVER THAT MEANS TO YOU, OWNING I STILL THINK IS THE BIGGEST THING.
YOU HAVE A GREAT OFFER FOR PEOPLE WHO ARE WATCHING TODAY TO WORK WITH YOU GUYS.
>> WE DO FOR MORNING BLEND VIEWERS IF THEY GO TO FVFCWI.
COM/300 CLOSING THEY CAN DOWNLOAD A COUPON FOR $300 OFF CLOSING COSTS.
THEY CAN USE THAT MONEY FOR PAINT OR A RAKE, TO RAKE NEW LEAVES IN THEIR YARD.
WHATEVER THEY NEED FOR THEIR NEW HOME.
>>I LOVE IT IT'S GREAT YOU GUYS.
PEOPLE CAN COME IN AND MEET WITH ANY OF YOUR GREAT STAFF.
FIND OUT A LITTLE MORE ABOUT WHAT THEY ARE QUALIFIED FOR OR DIFFERENT TYPES OF LOANS THAT WILL HELP THEM GET THE DREAM HOME THEY HAVE ALWAYS WANTED.
>> HERE'S INFORMATION FOR FIRST FOR FOR FOR FIRST BANK FINANCIAL CENTER.
THERE IS A COUPON ON THERE AS JEFF MENTIONED FOR $300 OFF OF CLOSING COSTS.
MAKE SURE YOU DO THAT, GET THOSE $300 AND LIKE YOU SAID YOU CAN USE THAT FOR PAINT OR WHATEVER YOU WANT MAYBE TOWARDS THE NEW.
You should also, at the same time, talk to a regional lender, a credit union (if you belong to one or you can join one) and a small local bank.
Each of these different types of lenders will offer different loan programs at different prices.
You should also ask friends and relatives who they’ve used for their home loans and how the experience went.
But emphasis is on the experience.
I have a great friend who once asked her sister for a lender recommendation, and the sister gave her a name and my friend had this horrific experience.
And when she went back to her sister to see what kind of experience her sister had had with this person, the sister confirmed that she, too, had a horrific experience.
“Hello! Why did you give me that lender’s name?” my friend asked, and the sister said, “Well you weren’t specific that you wanted someone good.
Sounds like a Seinfeld episode, right? And yet, this kind of stuff goes on all the time.
So here are some questions you should ask the person providing the recommendation that will help separate the wheat from the chaff:
- Did the lender repeatedly ask for the same documents?
- Is the lender organized?
A good lender should enable you to close on a home within about forty-five days – unless there’s some real serious problems with the house – so make sure to ask your friends and relatives if their lenders were able to meet that standard.
It may sound obvious, but it’s a good idea to look for a lender who specializes in making residential loans and has a reputation in your area for coming through with these loans.
Banks that aren’t generally known for their mortgage lending can be tougher to work with than some of the really big lenders.
And while you may be thinking to yourself, “I want to avoid the big banks,” you’re probably going to end up with one anyway.
Even if you go with a mortgage broker, that mortgage broker may actually work with a whole bunch of big lenders to fund your loan.
Above all, you need to find a lender that helps you understand the mortgage application process in a way that makes you feel comfortable and secure.
This is a huge decision.
You’re going to finance this property for the long run, and you want to do that with the right kind of partner.
And I just want to give a shoutout to anybody who is closing around October of 2015.
If you are, please watch the videos that I’ve made on the TILA-RESPA changes that are coming your way.
Right now they’re scheduled to go into effect October 3rd of 2015.
If you are looking to close around that, either before or after, you may have to build in some extra time to make sure that you don’t get caught up in all the craziness that’s going to go on I think when TILA-RESPA actually goes into effect.
Hi everybody, your real estate expert, LanceMohr.
And in this series, I'm talking about how to buy a house.
Today, I'm going to talkabout how to pick a mortgage lender.
If you don't need financing, don't worry aboutwatching this video unless you just want more information.
Alright, so how to pick a lender.
First off, if you've already chosen a real estate agent, this is a good place to start.
You could also ask some friends and family members, co-workers, get an idea who theywould choose.
Now personally, I was in the mortgage banking industry for several yearsand I was a co-owner of a mortgage company.
There's three types of lenders out there;number one is your big bank, your Bank of America, Wells Fargo and then you have yourmortgage bankers and then you have your mortgage brokers.
Now I'm not a real big fan of thebig banks or credit unions for that matter.
I think there's a lot of credit unions thatare really good, don't get me wrong and I'm not saying that there is anything wrong withbig banks.
I'm not a fan of them and the reason is – the reason why I don't like big banksis because if you go into a bank like Bank of America or say a Wells Fargo, you are onlyusing their money.
So if you go in and you have a very unusual circumstance and maybeyou don't qualify for their loan, they're not going to tell you "you don't qualify forour loan, go somewhere else".
They're just going to say, "You don't qualify for a loan.
" Now you may go to a mortgage banker or a broker and qualify for theirs.
So that's the problem, they are very, very limited because they only lend their money.
If you are round, you're not going to be able to fit in their square hole.
So it's not areally good way.
Now if you do use a bank, if you say Bank of America which I'm not afan at all, I haven't had them close a transaction on time in years, if they even close it atall.
So I got to say that, the only bank I can say that about.
But let's say you go toa Wells Fargo or you go to a Bank of America, always try to use a local loan office or don'tuse someone out of state, because you've heard of the term, "out-of-state, out of mind","out of area, out of mind".
That's really how it is.
You want someone local that knowsthe local ways in Florida, and more specifically I'm in Florida, I'm in Tampa, so the cityyou live in.
So that would be my first personal recommendation and I know a lot of lendersout there might be getting mad if they're watching this right now, especially if theywork for Bank of America.
But that's my opinion, I've worked with a lot of credit unions whenI was in the lending business and certainly not all of them.
Credit unions, the good thingis they really care about their customer.
The problem is they don't really do a lotof training to their loan officers unfortunately.
And you know, a lot of times when you're goinginto and getting a loan with a bank or credit union, a lot of times the loan officer ison a salary plus bonuses, and you want someone who, if they don't get you a loan, they don'tget paid any money.
That's the best way you are going to get a loan.
So I am a big fanof bankers.
Now really the difference between a bankerand a broker, is a banker lends their own money and will underwrite the file, usuallyin-house.
They are also called correspondent lenders.
Now I've worked for bankers before,and if bankers just don't have a competitive program – let's say you go in and maybeyou are a veteran and they're not real competitive on VA loans, let's just say.
They will usuallyhave brokers that they work with as well as and they could do different things.
So theyare usually good.
Brokers, I've worked for brokers when I wasn't lending as well andit's the same thing, but the difference is brokers have access to dozens and dozens oflenders.
Don't get fooled by that.
Most brokers only have about 5 to 7 lenders they work withat any given time; they might have a lender for their conventional financing, they havea lender for their government financing, they have a lender for their jumbo finances.
So don't get caught up into all that.
But the difference between bankers and brokers,if they don't find a way to say yes, they don't get paid.
And a lot of time what peoplewill do, is they will go out and they will be picking say maybe three companies, andthey will call up for a rate quote.
But you really, when you are calling up for a ratequote, you need to ask very specific questions and you need to do it all on the same day.
Because you could call one institution on Tuesday and rates could have changed up ordown on Wednesday.
And then you need to call the same day, you need to give the same parametersfor each one of them, "So I'm calling, I want to get a loan amount of $200,000 and what'syour rate lock?" Now I'm not a big advocate of going around and doing rate shopping becauseat the end of the day, lenders all get their money from the same place at the same price.
If you call 10 lenders, probably nine of them are going to give you the same quote for themost part.
Now banks will generally be a little bit more in the interest rate, but less inthe fees because everything is in-house, where a broker, they get their pricing at wholesale.
So there you could usually be more competitive on the interest rates, but they are a littlehigher on closing costs because they have to sort of outsource it and get it underwrittenover here in the process and all that stuff.
So get the information and call them all up,talk to them, ask them again the question, why should I work with you, what makes youdifferent, what makes your company different.
Whatever you do, whatever they tell you, onceyou lock in the rate, get a rate lock.
You don't want to be on different pages and theytell you one interest rate and then all of the sudden, you show up at closing and it'sa completely different interest rate, maybe it's a quarter percent higher.
Because theseller doesn't really care about your loan, all they know is you have to close.
So getit in writing from the lender, I can't tell you how many people – when I used to bein lending, pretty much everybody that I worked with, I always put everything in writing.
No one ever asked me but I wanted it all in writing for the documentation.
So always askfor it in writing and really try to take the person who you feel is looking out for yourbest interest, because at the end of the day, you could have the best interest rate in theworld, but if you are on the wrong loan program, the interest rate is sort of irrelevant.
SoI hope this helps you.
Leave a comment, if you have any questions, if you have anythingto say, you work for Bank of America – please leave a comment because I think it's goingto be real nice, but it is what it is.
And if you like my videos, subscribe to my channel,give me a thumbs up.
I appreciate it.
I wish you the best of luck in buying a home.
Havea great day.