Where Should You Start to Get a Home Loan?
Start Here!
The variety of mortgage loan products, the hype from lenders, and all of those tantalizing “Instant Rate Quote” buttons yielding different results can make a home buyer’s head spin. Taking the time here to learn some basic concepts about mortgage loans will save you time, money, and grief!
What’s Wrong with Loan Shopping Online?
It’s a mistake to entrust your financial future to mortgage sales websites that see you as a profit source! More about mortgage shopping…
Online Rate Quotes
Learn why online mortgage rate quote calculators are misleading, and a risky way to shop for something as important as a mortgage loan.
REAL Mortgage Advice from a Straight Shooter
Don’t become a cog in some bank’s profit-making machine! Get solid advice about home loans here with no obligation.
Mortgage Lending Makes No Sense
The first concept I want to convey to buyers in my Mortgage 101 education sessions about mortgage loans is that mortgage lending makes zero common sense. It’s a system of arbitrary rules and guidelines that risk managers publish, that the bank underwriter has to meet in order to release the funds of the loan to the home buyer.
The rules of mortgage lending are there to protect the lender, not to help you buy a home.
Underwriters Aren’t Paid to Make Loans
The bank underwriter’s job is to look for any risk to their employer, so essentially they are looking for ways to kill a loan. They are not in the business of helping buyers learn about mortgage loans and make good loans. In other words, their job is to find a reason not to release funds to the borrower, to protect their employer.
Direct Lenders Have No Fiduciary Responsibility
This means that lenders are busy selling whatever mortgage products they have that will make the lender money — that is their priority, not getting home buyers a great deal. They aren’t governed by the Department of Real Estate the way independent brokers are.
We Have Your Back
When you buy a car, you might ask a trusted mechanic to check it out before you buy. When you buy a home, a much larger investment, it makes sense to have an independent broker on your side who is going to help you get educated about mortgage loans and get you through the mortgage loan process with the outcome you want.
As an independent wholesale mortgage broker, my job is to understand the arbitrary mortgage industry guidelines as well as the bank’s underwriter, and then to structure your application in such a way that the underwriter doesn’t have to do too much thinking to say YES.