LOYAL TO YOUR BANK
Even for your home mortgage?
Being a mortgage broker, sometimes I talk to a home owner or home buyer who feels like they should work with their bank on a home mortgage. Usually the reason is, well they have all my stuff, so it is regarded as convenient.
I understand how one may feel that way. However, there are many more reasons to look outside your bank for a home mortgage, here are a few considerations:
1) They have all my stuff. They DON'T. They have your money, they know your birthday, address and social security number. They don't have your employment history, current income, household members, everything that goes on an application for a home loan. You can't just call them and say, hey, give me a loan, you have my stuff. The home loan application process is still the same, wherever you apply.
2) What are the costs? Banks can have more stringent requirements for approval. They can have higher fees for services such as underwriting, processing, and other fees. Will your bank explain these to you, and give you options?
3) Availability - Banker Hours vs Real Time Hours - is your loan officer available if you have a question in the evening, weekend or holiday? Do you have the direct cell phone to text or call with your questions? Or maybe you need a letter for a home purchase after hours, can you get that?
4) What is the rate? Will your banker give you all the options when it comes to term, costs or program? How much time does the banker spend making sure you get the best program and you understand the options? Do you get to weigh the costs FOR a rate against the against the benefit?
5) When you begin financing with your banker, do work with the banker throughout the process? Or are you handed off to someone to process your loan? Do you put your trust in that person you no longer have contact with? After closing, can you call the banker for questions you have about your loan?
6) Particularly for first time homebuyers it is important to understand the process from beginning to end. This is where I excel, I help homebuyers feel comfortable with the process. Anxiety of the unknown just makes the process less pleasant when it should be an exciting time!
When it is time for a home mortgage, work with someone who is available, experienced and has your best interest in mind. As a Kentucky mortgage broker serving Kentucky and Ohio I love preparing people for all the steps of home ownership.
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