Getting a financial review or a Mortgage Review is kind of like going to the dentist… Nobody likes going to the dentist, and nobody likes getting teeth pulled and poked at. However if you DON’T get that check up at least twice a year the next thing you know your choppers are rotting away and your teeth are falling out. Now you can’t enjoy all the great foods in life huh! Many don’t see it this way but a Mortgage Review is extremely important at least twice a year. It’s no most people idea of fun to sit down with a Mortgage Broker and whip out your financial’s but if you don’t there could be massive cavities in your financial situation that will need to be filled one day soon.
- Go to your local Bank: If you have a great history and relationship with your bank this is great. Ask them what you qualify for. The down side is that Bankers can only fit you into their own lending box and most Loan Officers you speak to there are not properly trained and educated on today processes through the NMLS
- Ask a Professional Mortgage Originator: A good Mortgage Originator is like a good dentist. You should talk with him at least twice a year and he should have a good deep understanding of your history. They are also licensed and educated through the DRE and the NMLS and are required to continue to be educated on industry specifics on a yearly basis. Many times the box you need to fit in is not so strict. Most brokers can work with several banks and bring more value to the marketplace.
It Really Is NOT as Bad AS Most People Think!
Check this recent success story out… A while ago I approached a client on their mortgage situation. In the course of 10 minutes and a few of the right questions we found a way to pay off their investment property, with an equity shift. In turn they lowered the monthly interest they were paying by almost one full percentage point in rate! This alone saves thousands of dollars every year. The icing on the cake… we were able to eliminate over $300/month in private mortgage insurance and ultimately save almost $1,000/month just by taking a quick 10 minutes to review their entire situation.
What are you waiting for!?! … If you are ready for your review call today or email us anytime and just ask!
It’s no secret that the mortgage process and the industry as a whole has a slew of problems since it caused the economy and foreclosure crash that started in 2005. As a matter of fact the Wall street Journal Says Freddie Mac reported a narrower $2.5 billion third-quarter loss, the smallest shortfall in more than a year amid signs that mortgage delinquencies are slowing. But the company warned that delays in the foreclosure process could raise costs “significantly” and that losses also could rise amid a faltering housing recovery.
Most people that own real estate obviously don’t go through the mortgage process on a regular basis, and are not aware of how much more difficult the process is compared to a few years ago. If you got a home loan or a conventional mortgage in the 90s or early 2000s you probably remember very little documentation and a thin credit file. Now a days the process can seem about at tedious and difficult as a commercial flight through a hurricane. There are a ton of New Rules to learn about!
You can check your Brokers DRE License and their status with the NMLS to be sure that they are one of the best professionals around. Don’t be afraid to ask your Loan Consultant for their License numbers. They should be more than willing to share if they are a good Loan Agent. Be aware that if you work with a retail bank it is highly likely that the person processing your loan has not achieved ANY of the requirements that a Mortgage Loan Originator or a Broker must maintain.
Or leave me a Comment Below Let me know your thoughts or your personal experience with your last Mortgage Loan. If you found this article helpful PLEASE share this on Facebook and your Social Networks!
Until Next time Here is to your success! Jason Wheeler