HOW TO CHOOSE YOUR LOAN PROFESSIONAL???

A BIG NATIONAL NAME or a small local educated company?

That is the question . . .

I have quite a few people ask me, “Why should I use you as a representative for my mortgage when I see CountryWide, Quicken and Lending Tree on TV?”

Well . . . that is a good question.

Here are a few things to think about. How do you think these BIG NATIONAL companies pay for commercials during the Super Bowl or other primetime events? (HINT HINT - - the expense is passed on to you.)
When considering a refinance or a purchase transaction, I encourage each of you to do your homework on mortgage brokers before choosing whom to work with. This is extremely important whether you choose a local company down the street or A BIG COMPANY that advertises on TV!

Consider these five points:

ONE:
YOU SHOULD NEVER HAVE TO PAY an "UP-FRONT" FEE or a "LOCK-IN FEE". Brokers and Lenders call this many different names, but initially you should NEVER have to pay a fee until your appraisal is ordered. Even then some brokers will roll the fee into the loan. NEVER, NEVER, NEVER pay anything to a broker or lender in your initial conversations.

TWO:
Ask where your broker is located. This does not mean if the company they work for has offices in your state. Where is this individual broker sitting when you are talking to them? If their answer is California, Florida, or any state other than the state you reside in, this is a big RED-FLAG! You must be able to trust this person to counsel you on the biggest, single asset you will have in your life. So, if they can't sit face to face with you either at your home or their office, then do you really want to use their services? Face-to-face, personal contact is extremely important when working with a broker.

THREE:
Local companies seem to be more passionate and care about neighborhoods that they are a part of. Often times, local loan professionals usually are a part of a network of local businesses such as Home Inspectors and Appraisers, Insurance Agents, Real Estate Agents, Home Improvement and Landscaping Companies, and other home service professionals who can save you money on the home transaction or other needs.

FOUR:
A key item that MOST people don’t think about is the fact that CountryWide, Quicken and Lending Tree lend their own money, meaning that they have their respective interest rate and that is the only rate available is you use them. As a broker, we are registered with approximately 20 different lenders. This means that we have no allegiance to any one bank so we can "shop" for the best rate. Therefore, the savings is passed on to you.

FIVE:
YOU CAN REST ASSURED WE WILL MANAGE YOUR MORTGAGE FOR YOU MUCH LIKE YOU WOULD YOUR RETIREMENT, 401K, OR OTHER INVESTMENTS! This is very important because your home is a very valuable asset.In looking for your loan representative, be VERY cautious, interview prospective candidates and make sure you feel comfortable. Be sure you find an honest loan professional that will produce clear and understandable numbers and options so you can understand the entire picture. Choose someone you can trust who is either a phone call and/or an email away. Also, someone who is willing and able to stop by your home to meet with you and answer any questions or concerns. You need to enter into a relationship with someone who can walk you through the process, educate you on all options, and "keep you in the loop" throughout the entire process, as well as coach you on future options.

IT’S OK TO TRUST YOUR GUT AND GO WITH YOUR INSTINCTS; HOWEVER, I ENCOURAGE YOU TO USE THESE TIPS TO HELP YOU CHOOSE WHO WILL BE YOUR GUIDE THROUGH THIS VERY IMPORTANT DECISION!!!

For any questions and/or advice, please do not hesitate to call 303.666.6550 or email me at matt@myprosperityfinancial.com