CHOOSING THE RIGHT MORTGAGE LENDER WHEN
BUYING A HOME IN SPRINGFIELD, MO
I work with a lot of clients looking to buy a home in Springfield, MO, and the surrounding areas. Sometimes they already have a mortgage lender that they intend to use for their home loan, and sometimes they ask my opinion on which mortgage lender I would recommend. It has always been my opinion that shopping for a home loan is just as important as shopping for a home. The type of loan and the loan terms can make as much of a difference in their monthly payments as the price of the home.
Some REALTORS will refer a client to a particular lender because of a relationship they have developed with that lender. That relationship could be based on the fact that the lender sends business to the REALTOR, or just because they are great "friends." Personally, I have never chosen a lender based on those two things. Whether or not I like someone as a friend, or receive business from someone has absolutely no bearing on whether or not that lender will do a great job for my client or give them the best terms and rates.
When asked, I ALWAYS recommend my clients use Josh Duda with Franklin American Mortgage. I do this for several reasons:
1. They are not a mortgage broker. What does this mean? They do not "shop" your home loan with numerous companies. They are loaning their own money. Many people believe that when they go to their local bank, their bank is loaning their own money. Not true...at least MOST of the time. Banks...even your local bank...are selling you someone else's loan (i.e., Wells Fargo, Chase, etc.). Your local bank is not selling you this loan for free. They are charging you to sell you this loan. FRANKLIN AMERICAN is loaning their own money, and they only sell about 5% of their loans...which means that you would, most likely, be working with the SAME company for the life of your loan.
2. They have their own in-house underwriters. What this means is that if there is a problem with your home loan, you do not have to wait for your mortgage lender to ship your file to some unknown person half way across the country, just so your file can sit on someone's desk for them to get to whenever they decide to, and deal with poor communication between the underwriter and your mortgage lender if a problem arises. Josh Duda knows his underwriter, is in constant communication, and knows what to provide the underwriter in advance so as to make the home loan process smooth and timely.
3. Communication with the home buyer. Whenever a client insists on using their lender, I usually accommodate their request. However, nothing infuriates me more than to receive numerous calls a day from my clients wondering what is happening on their home loan. I am not their lender. It is their lender's job to communicate with them. So often, I hear complaints from clients that they are not able to reach their lender, or their lender does not return phone calls or keep them apprised of the developments in their home loan. My job is so much easier when I am working side-by-side with a competent and efficient mortgage lender.
4. Franklin American offers a large array of loan programs. Some bank doesn't handle FHA loans, USDA loans, or VA loans. Josh Duda handles USDA and VA loans better and more proficiently than any other lender I have worked with in Springfield, MO.
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