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For Mortgage-Refinance Help, Get the Best Mortgage
Professional, Not a Bank Loan Officer
When you need a mortgage -- either because you are buying,
refinancing, taking out equity or getting into investment real
estate, you need a good mortgage professional. Now, you may be
tempted to go to your local savings and loan, as they may promise
lower fees or zero costs. Meanwhile, in virtually every case,
banks can't compete with mortgage professionals on the two most
important things -- interest rates and service.
Also, the banker who promises very low closing costs will
probably be making his money on a higher rate, and he'll likely
try to sell you on discounting that higher rate, by paying a
percentage of the loan amount. This is a common tactic bank loan
officers use, and it is a very poor strategy in almost every case
for you to buy a rate.
Finally, bank loan officers can't come close to the service of
a good, honest mortgage professional. When dealing with a bank,
you have to go to them, you have to close your loan where they
tell you to close, you can only get your interest rate locked in
when you've jumped through all of their hoops (mortgage
professionals can lock your rate the day you call, over the
telephone).
Mortgage professionals are in the service business. Unlike
bankers, mortgage professionals need you, because they work
strictly on commission. So, they will do everything possible to
make you happy, because they want your referrals, and they want
you to come back every time you do a loan. Good Mortgage
professionals will treat you like you are their only customer.
They give you their personal cell phone numbers and tell you to
call them anytime of day. They meet you anywhere - home, work,
your favorite coffee shop or restaurant, or any other place you
designate. They go the extra yard to close your loan.
I once helped an elderly gentleman, on a fixed income, who
needed to get cash from his house, in order to fix a dilapidated
roof. He had 14 liens against his home, which made nearly
impossible to refinance. I worked for a month, getting all of
these items cleared. I even dealt with a bank collector, and got
him to take thousands less for an old debt, just so we could
close the loan and the man could stop the rain from coming into
his home. Almost every bank loan officer would have sent this man
away, because they don't want to do this much work.
So, remember, you need a mortgage professional, when getting
any kind of home or refinance loan. Be sure you get the best.
Mark Barnes is the author of the new novel, The League, the
first work of fiction, based on fantasy football. He is also an
investment real estate and home loan finance expert. Learn more
about his suspense thriller at http://www.sportsnovels.com Get
his free mortgage finance course at http://www.winningthemortgagegame.com
MORE RESOURCES updated Thu. August / 18 / 2022
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