Consider a local bank on your next home purchase. You'll be glad.
As a Franklin TN REALTOR®, I work with a lot of out of town buyers. I always suggest they speak with a local lender prior to putting in an offer on a home here. I recently ran into a situation with a buyer moving here from California.
In the process of writing an offer, I discovered that her lender in California had rolled her closing costs into the loan. He quoted her a slightly higher rate to do that. She, however, wanted to keep her monthly payment down so I had her speak with a local lender. He did quote a lower rate if she could pay closing costs. Unfortunately, she hadn't saved for that because of what the California lender had told her. The result, she lost the house in a multiple offer situation because she asked for closing costs.
Always speak to a local lender before coming to town to search for a home. It may save you a whole lot of grief down the road.
When you are ready to buy a Franklin TN home, call Tammie White at (615) 495-0752.
Home-buyers, consider giving small local banks or local lenders a try before going to the national brands when buying a home. Why? There are a lot of reasons, but better customer service, quick access to the same people you worked with when you took out your loan and competitive rates and fees are a few. One additional reason is that local banks rarely have the challenges you face with a large national banks. Let me give you a list of experiences I've had over the past year to explain.
Bank short sales are the bane of the real estate business. I've done a lot of them, and I've dealt
with a lot of different banks, but the two banks that have given my clients (who were their customers) the highest levels of stress have been J. P. Morgan Chase and Bank of America. Both banks have dragged my clients through more mud than a Spartan Race. They have abused them during a terribly difficult time at such high levels that some have required medication to deal with the stress. That's just not right.
Over the past year, I have had two insane experiences with two other large banks. In one case, I had a morning closing, and I also had an afternoon closing scheduled with clients who had a Wells Fargo loan commitment. During the morning closing I received an email from Wells Fargo stating that they had rescinded my client's loan approval on the day of closing. Why?
They rescinded his loan approval because the investor / owner ratio exceeded their criteria for his condo purchase. The odd thing about that situation was that they had that information for a month prior to closing, but on the day of closing while my client was traveling up the east coast to close on his property, they pulled the rug out from under him. Fortunately, I had a good friend, Mark Lynch with Prime Lending, who was able to get things back on course and saved the day.
This week, I had a Friday closing scheduled for a property that has been under contract for 45 days. In this case, BB&T was the lender. On Wednesday, BB&T rescinded my client's loan approval, 2 days before closing, because they didn't like the way she is paid. Her commission income, which they knew about from day one, violated their guidelines. Two days before closing! Again, I turned to my friend, Mark Lynch, who once again saved the day.
What do all of these stories have in common? They are large banks that have thousands of customers and very little customer service or concern about damaging a few customers here and there. They don't need you, so they don't treat you with the same level of dignity and respect that a small local bank and local lender would. When you get ready to make your next mortgage application, call your local bank or local lender and see how they compare to the "to big to fail" behemoths who could not care less about you.
**Just a postscript on an article that surfaced 5/31/2014: Mortgage Collectors Silence Homeowners with 'Gag Orders'.
1. Buying your first home in Winchester VA
2. What to look for when buying a foreclosure in Winchester VA
3. Short Sale inventory in Winchester VA
4. Winchester, VA - The best bedroom community for the Washington, D.C. area
5. Passion is contagious - Infect somebody!
6. Winchester, Virginia is a great place to buy a house at great discount!
7. This simple electrical test could save your life.
8. Turn setbacks into springboards
9. Reduce your mortgage by pre-paying principle and eliminating interest
10. What can I do to sell my home more quickly?
********************************************************************************
Give me a call, or email me for all your real estate needs, and let's make something amazinghappen.
mikecooperva@gmail.com, 888-722-6029
Cell: 540-336-5522
Real Estate Sales and Property Management
(Disclaimer: All grammatical mistakes, punctuation breakdowns and misspellings are purely for your amusement and entertainment. Feel free to cackle.)
Comments(3)