Home Loan

On your next home loan, Use a Loan Officer and Forget Your Bank to Save Some Money

In the current economy, times are tough for a lot of folk. This mortgage and fiscal crisis has left a large amount of people in dire straits because of losing their job or revenue and negatively, there has been a drip down effect. People had their credit damaged because they haven't been in a position to pay their bills on time and people had a harder time getting credit extended to them thanks to the liquidity crisis that's being faced on Wall Street.

All of this makes a contribution to the way the housing market operates today and if you are in the middle of hunting for a new mortgage there are numerous considerations to get the lowest rate and the most for your money depending on the personal finance situation you chance to be in.

Mortgage Brokers Have More Plasticity

We all have some sort of working relationsip with our bank, you could be acquainted with their products and services and the people who work at the branch in your neighborhood. This is particularly true if you have less than perfect credit, a flaky job history or are out of work.

Hence, to qualify for a loan and to get the best rate for somebody with your finance history or revenue level it will provide benefits to you to check out doing business with a loan officer or what is also referred to as a mortgage broker.

Next, when you're employed with a loan officer, they are able to shop a number of lenders, rather than only 1 source thru a bank. , by shopping a selection of lenders and on the lookout for the mortgage program that fits your needs best, you are guaranteed that you will get the best rate on your home loan.

In addition, banks do not have the choice of mortgage programs that a loan officer would have access to.

Find a Loan Officer to Get Your Mortgage

We notice that you probably have already got a relationship with an individual banker and you may be considering how to go about finding a loan officer to get your next mortgage. The first thing you must do is ask around to your friends and associates as to if they can recommend who they used when closing on their last mortgage.

Phone each reference and ask pointed questions over how content they were with the experience, purchaser service and knowledge of the loan officer in question . Also, ask them if they have been OK with their home loan and the process in which they closed it.

If you follow these steps, you may be assured be pleased with the relationship you build with your loan officer and ultimately the mortgage program they may be able to help you with.

by Mike Taylor

About the Author

Mike Taylor is broker/owner of Red Door Real Estate and focuses on both Broad Ripple real estate and Fishers homes.