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 shopping for a mortgage lender, it is absolutely imperative that you obtain more than one quote. You should also ensure that every lender provides you with a Good Faith Estimate (GFE) to substantiate each offer. When reviewing these quotes, here are five important factors to think about:
1. Fixed or Adjustable
If a rate seems very low compared to other offers, make sure that you are not getting an adjustable rate when you requested a fixed mortgage. Brokers will often try to bait you with a low, adjustable rate.
2. Cash to Close
Look closely at how much cash each lender is requiring you to bring to the closing table. Sometimes a slightly higher rate is fine if it means that you need les money to close.
Look carefully to see if the quoted loan requires you to escrow your taxes and insurance. If so, make sure your lender estimated the reserves that you will need to pay in order to set up the escrow account.
4. Origination Fees
Generally, the top line on a GFE will show how many origination points you are paying the lender for obtaining the loan on your behalf. It will always be to your advantage to negotiate this amount. Remember, most loan officers are paid on commission so they would rather make a little less than nothing at all.
5. Complete GFE
Make sure all fees are disclosed that you will be required to pay, i.e. origination fees, lender fees, processing fees, taxes, title insurance, transfer tax, etc. Some brokers/lenders will attempt to leave off non-fixed costs like taxes in an attempt to make their loan look more attractive.
These thoughts should prepare you quite well when seeking out a fair and affordable mortgage loan.
Lender's Mortgage Insurance Explained
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. Sorry. " 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.
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