find mortgage and refinancing information Akron Ohio


We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
 Please check back frequently as new topics are added and current topics are updated daily.


Why a Mortgage Professional Beats a Banker Every Time -- The Story Tells It All

The best way to explain why a mortgage professional is always better than a banker is to use an anecdote. My parents lived in the house I grew up in for 35 years, so it was finally time to move. They found a home they liked, made an offer, and signed a purchase agreement. After conferring with me, they decided to go to a bank - one of the more well-known mortgage banks in the region. Of course, I thought a good mortgage professional would be better, and I told them I could follow the deal from start to finish, if they went with a company I previously worked for, but the bank they decided on offered a little better rate and lower fees, so they wanted to go with them.

I told them to go ahead, but I was nervous, knowing what I know about large banks, ones that are not wholesale lenders, who work with mortgage professionals. After many trips to the bank (remember, bank loan officers don't come to you) that included plenty of hassles over paperwork, they agreed on a loan for their new home. The next step was to sell their house, so they could use the proceeds for a down payment and moving expenses. My parents had over $60,000 in equity and wanted to put a good chunk down on their new house and use the rest for expenses.

Since time was against them - they had 30 days to pay off the seller of their new home, and they didn't have an immediate offer on their current residence - they decided to apply for a bridge loan (more on bridge loans later). This would take the equity from their current home and use it to pay off their mortgage, leaving them enough money for the down payment on their new house. When they sold their old home, they would use that money to pay off the bridge loan. Here is where things got very dicey.

Their new lender offered 85 percent of the value of their home for the bridge loan. So, if the home appraised for $100,000, they would get $85,000. They assumed the value would be there. The bank sent an appraiser on a drive-by, which means my parents weren't notified, and the appraiser did not go in the house. He then wrote up the value for the bank's loan underwriter. Drive-by appraisals almost always come in lower than the home's actual value.

Now one of the three or four loan officers my parents were dealing with called and told them the value they would use for the loan, and it turned out to be about $10,000 less than they expected. This meant they would not have the money they hoped for, and they would now have to put less money down on their new home. This would, of course, lead to other problems - like a higher monthly mortgage payment and less money for moving expenses. They were, to say the least, devastated.

Being the proactive person that I am, I decided to intervene and call their bank. I spoke with one of the many loan officers (you see, you don't have just one person handling you at a bank; you're just another loan number). I had, of course, already done my own research and learned that the value of my parents' house should be much higher. I asked the loan officer to explain how they came to this very low value. She fumbled through her answer and told me they use comparable sales prices in the area and that they don't do a drive-by appraisal.

She said I would have to talk to someone in their equity department, because she didn't know what other options there were. I was somewhat surprised at her lack of intimate knowledge with the bank's policies, but I certainly wasn't shocked. This is the nature of home loan operations at a bank - one person passes the responsibility to another and only in rare instances does one department really know what the other is doing. You'll never have this problem with a good mortgage professional.

After being channeled through another receptionist at the same branch office, I wound up speaking to an underwriter in the equity department. She told me that a drive-by was, in fact, done. I explained to her as I had the other woman why the value was inaccurate. (I had very accurate comparable sales prices from different resources, given to me by one of the area's best appraisers.)

I asked the equity underwriter if my parents could have a complete interior appraisal done to give a true value, and she said this was an acceptable option. In the end, my parents got the value they needed, and things worked out just fine. They needed a quality mortgage professional, though, to get it done.

Mark Barnes is an investment real estate and real estate finance expert. Get his free mortgage finance course at Mark is also the author of the new novel, The League, a shocking, sports-related conspiracy. Learn more about his suspense thriller at


This RSS feed URL is deprecated, please update. New URLs can be found in the footers at

How Credible works
Credible News (blog)
It's quick and painless. Tell us a little bit about you and your home to get accurate prequalified rates without impacting your credit score. 2. Compare rates from multiple lenders. View the interest rate and cost breakdown of each loan to choose the ...

and more »

Line of credit? Mortgage refinance? Experts rank the best and worst options for debt consolidation
The idea behind debt consolidation is simple: You take on a single, big loan to pay off all or most of your other, smaller liabilities. Story continues below. Usually, there are three big reasons to do it. First, focusing on a single monthly debt ...

3 things you need to know before your HELOC draw period ends
Roll the HELOC into a mortgage refinance: It may make sense to refinance the HELOC – and a first mortgage – via a mortgage refinance. Closing costs and fees may be higher on this option, so compare fees from multiple lenders before deciding. In certain ...

National Mortgage News

Mortgage refinance applications decline to 18-year low: MBA
National Mortgage News
Mortgage applications decreased 1.8% from one week earlier as refinance submissions fell to their lowest in nearly 18 years, according to the Mortgage Bankers Association. The MBA's Weekly Mortgage Applications Survey for the week ending Sept. 7 found ...

and more »

American Banker

Slideshow The good, the bad and the unknown in Fed's latest rate hike
American Banker
Rising rates also tend to dampen mortgage-refinance volumes. Then there are the unknowns, such as the impact a rising rate environment could have on mergers and acquisitions. Here's a look at how rising rates could affect banks' decision-making, and ...

and more »

National Mortgage News

Mortgage refinance candidates cut by half in the past four months
National Mortgage News
The number of mortgage borrowers for whom it made sense to refinance declined by nearly half since the end of last year and is at its lowest since November 2008. Approximately 2.3 million mortgagors are candidates for a refinance, a decline of 2 ...

The Mortgage Reports (blog)

Mortgage refinance checklist: what you need to refinance your home
The Mortgage Reports (blog)
Preparation is vital prior to applying for a mortgage refinance. You have to do the math and figure out if it makes financial sense. Plus, you need to learn the facts and shop around. Getting your paperwork in order is crucial, too. Tackling these and ...

The Mortgage Reports (blog)

How should I apply for a mortgage refinance: in person, by phone or online?
The Mortgage Reports (blog)
If Artificial Intelligence (AI) becomes a bit more intelligent, there may be no reason not to apply for a mortgage refinance online. Truly intelligent AI will offer the speed and convenience of today's online applications with the personal service that ...

and more »

Osun Defender (blog)

CBN Introduces Mortgage Guarantee Companies
Osun Defender (blog)
This is contained in the financial regulator's exposure draft released to all banks, the Federal Mortgage Bank of Nigeria, Nigeria Mortgage Refinance Company and Mortgage Bank Association of Nigeria. The CBN says the objectives of the MGCS are to ...

and more »

Student loan marketplace jumps into mortgage industry CEO Stephen Dash explains how he plans to revolutionize the mortgage refinance industry by putting the consumer experience first. Article image credited to Subscribe to Inman Select and read the entire article. Get the ...

Google News

used office furnishings-supplies-equipment-desks-cubicles-service-counters for sale in Akron Ohio   Die cast model cars for sale in Akron Ohio  
used cars for sale in Akron Ohio   unfurnished homes for rent in Akron Ohio

Click here to
OfficeJax free ad space available here

Find used office equipment in Ohio at www.OfficeJax.Has.It

Find the best fleamarkets at www.FleaMarketWorld.Has.It


Find electric powered vehicles at www.NoGas.Drives.It

Akron City directory

Free Automatic Link Exchange

Flea Market World

Find homes for rent
in Akron Ohio

iphone-4-less below wholesale prices


Place your AD here. Click here for more details.

Click above to place your AD here

[Back to Top]

Ohio RealEstate

auction news and listings for Akron, Ohio

Akron crafts and hobby news center

best home remedies and do it yourself tips

Akron currency trading

Akron Ohio pet news

Advertising and promotions Akron, Ohio

The Akron blogging news center

Akron Ohio web site design news

Akron Mortgaging and refinancing

Web site design tips



© 2012 - 2018 All Rights Reserved
Increase pagerank with HitsSurfer

free page rank checker and seo evaluation tools 

first second ARM compare rates find the best rates current in your area lenders read reviews calculator adjustable rate loan home lenders brokers quotes florida houston gmac washington interest only 2nd software debt consolidation reverse senior equity texas maryland options lending bad credit  option one ameriquest chase first banks emc residential california miami dallas est branch marketing home company commercial yahoo online bad credit low credit no credit