Buying or Selling a Home? You Need an Expert Kind of GuideIn a normal housing market, whether you’re buying or selling a home, you need an experienced guide to help you navigate through the.
Why The Mortgage Company You Choose Can Make Or Break A Deal
Why is it so important to listen to your Realtor when choosing a mortgage company? For the same reason you would listen to your doctor when it come time to choose a hospital. We are the Realtors. We are the professionals in the field of real estate. You chose a Realtor to help in your process of buying a new home. We deal with many mortgage companies and know which ones are good and which ones are not. I understand that your friend or family member may have used "ABC Mortgage" and had a smooth closing, but there are so many factors in a mortgage that could and will effect each loan.
A person's credit score of course makes a big difference in the type of loan you will receive. You can have a descent credit score and still have issues on your credit report that may need to be cleared. Many times utility companies will add your final bill to your credit and then conveniently neglect to remove it when you pay your bill. Another thing I see a lot is child support. Child support is usually subtracted by the employer and sent to the local Attorney General's office, so how does it turn up on your credit report? Beats me, but it does more times than not. You would need a mortgage broker that is experienced in having these issues fixed in a timely manner.
If you are a first time buyer, you will want a mortgage company that knows what programs are out there for first time buyers in your area. There are also programs for teachers, police officers and veterans. If you choose a company off the internet are they going to know about these programs? Maybe, but why risk loosing out on grant funds and lower interest that may be available to you?
What about that personal service that seems to be slipping away? Do you want to speak to a voice mail system most of the time or do you want your mortgage broker to answer the phone when you have a question? I understand they may not be able to answer 100% of the time, but I at least want a return call by the end of the day. I have a couple that I am working with right now that wanted to choose their own mortgage company, I am still waiting on a return call from 3 days ago. That is not good. I have called twice.
If you feel like your Realtor is not competent enough to lead you to a good mortgage broker then you might need to change Realtors. If you would like a second opinion on the mortgage company that your Realtor suggest, call your local title company.