There has been a lot of buyer concern the past few years in the real estate market. Even those who have not been greatly affected by the Recession and have the means to buy a house may be stalling due to a lack of trust in mortgage lenders. Now that the housing market is stabilizing and lenders are being monitored more closely, buyer confidence is on the rise. The latest question for those looking to buy is, “How do I choose a mortgage lender?”
Here are a few things to remember when choosing your mortgage lender:
Beware – Mortgage people are salespeople. Following the housing market crash, homebuyers are looking for the most skilled financial mortgage experts out there. However, you have to understand that many representatives you will speak with are not qualified to answer the questions you may ask. You cannot assume that all of the loan officers have proper training and credentials, just because you chose a well-known institution. Work with the most knowledgeable loan officer, not the best salesperson.
Beware of the “In-House” Lender. Many real estate companies have “in-house” lenders that work out of the real estate office. This is mutually beneficial for the real estate company and the lender because of the convenience factor. The “in-house” lenders can be a great choice; however, it is best to do your homework. Make sure the “in-house” lender and the officer have the expertise and credentials to properly handle your mortgage.
Beware of Online Discount Mortgage Financing Options. Although it may be advertised that discounted options are available online that leave out the “brick and mortar” costs associated with traditional lenders, this is not always true. Even if you close online or over the phone, the brick and mortar costs are still a part of the income statement. These “discounts” are simply advertisements and tend to be very misleading.
Word of Mouth Trumps All. A general rule of thumb with any choice in services or goods is to ask those around you about their experience with the product or service. If you know of anyone who has recently purchased a home, ask about their experience. With all of the recent changes to the market, it is best to ask more than one recent buyer. Other great sources of information include: financial advisors, accountants, attorneys or realtors.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the website, Kingcade & Garcia, P.A.