| When you need a mortgage -- either because | | | | because they work strictly on commission. So, |
| you are buying, refinancing, taking out equity or | | | | they will do everything possible to make you |
| getting into investment real estate, you need a | | | | happy, because they want your referrals, and |
| good mortgage professional. Now, you may be | | | | they want you to come back every time you do |
| tempted to go to your local savings and loan, as | | | | a loan. |
| they may promise lower fees or zero costs. | | | | Good Mortgage professionals will treat you like |
| Meanwhile, in virtually every case, banks can't | | | | you are their only customer. They give you their |
| compete with mortgage professionals on the two | | | | personal cell phone numbers and tell you to call |
| most important things -- interest rates and | | | | them anytime of day. They meet you anywhere |
| service. | | | | - home, work, your favorite coffee shop or |
| Also, the banker who promises very low closing | | | | restaurant, or any other place you designate. |
| costs will probably be making his money on a | | | | They go the extra yard to close your loan. |
| higher rate, and he'll likely try to sell you on | | | | I once helped an elderly gentleman, on a fixed |
| discounting that higher rate, by paying a | | | | income, who needed to get cash from his house, |
| percentage of the loan amount. This is a common | | | | in order to fix a dilapidated roof. He had 14 liens |
| tactic bank loan officers use, and it is a very poor | | | | against his home, which made nearly impossible to |
| strategy in almost every case for you to buy a | | | | refinance. I worked for a month, getting all of |
| rate. | | | | these items cleared. I even dealt with a bank |
| Finally, bank loan officers can't come close to the | | | | collector, and got him to take thousands less for |
| service of a good, honest mortgage professional. | | | | an old debt, just so we could close the loan and |
| When dealing with a bank, you have to go to | | | | the man could stop the rain from coming into his |
| them, you have to close your loan where they | | | | home. Almost every bank loan officer would have |
| tell you to close, you can only get your interest | | | | sent this man away, because they don't want to |
| rate locked in when you've jumped through all of | | | | do this much work. |
| their hoops (mortgage professionals can lock your | | | | So, remember, you need a mortgage |
| rate the day you call, over the telephone). | | | | professional, when getting any kind of home or |
| Mortgage professionals are in the service business. | | | | refinance loan. Be sure you get the best. |
| Unlike bankers, mortgage professionals need you, | | | | |