For Mortgage-Refinance Help, Get the Best Mortgage Professional, Not a Bank Loan Officer
When you need a mortgage -- either because you are buying, refinancing, taking out equity or getting into investment real estate, you need a good mortgage professional. Now, you may be tempted to go to your local savings and loan, as they may promise lower fees or zero costs. Meanwhile, in virtually every case, banks can't compete with mortgage professionals on the two most important things -- interest rates and service.
Also, the banker who promises very low closing costs will probably be making his money on a higher rate, and he'll likely try to sell you on discounting that higher rate, by paying a percentage of the loan amount. This is a common tactic bank loan officers use, and it is a very poor strategy in almost every case for you to buy a rate.
Finally, bank loan officers can't come close to the service of a good, honest mortgage professional. When dealing with a bank, you have to go to them, you have to close your loan where they tell you to close, you can only get your interest rate locked in when you've jumped through all of their hoops (mortgage professionals can lock your rate the day you call, over the telephone).
Mortgage professionals are in the service business. Unlike bankers, mortgage professionals need you, because they work strictly on commission. So, they will do everything possible to make you happy, because they want your referrals, and they want you to come back every time you do a loan. Good Mortgage professionals will treat you like you are their only customer. They give you their personal cell phone numbers and tell you to call them anytime of day. They meet you anywhere - home, work, your favorite coffee shop or restaurant, or any other place you designate. They go the extra yard to close your loan.
I once helped an elderly gentleman, on a fixed income, who needed to get cash from his house, in order to fix a dilapidated roof. He had 14 liens against his home, which made nearly impossible to refinance. I worked for a month, getting all of these items cleared. I even dealt with a bank collector, and got him to take thousands less for an old debt, just so we could close the loan and the man could stop the rain from coming into his home. Almost every bank loan officer would have sent this man away, because they don't want to do this much work.
So, remember, you need a mortgage professional, when getting any kind of home or refinance loan. Be sure you get the best.
Mark Barnes is the author of the new novel, The League, the first work of fiction, based on fantasy football. He is also an investment real estate and home loan finance expert. Learn more about his suspense thriller at http://www.sportsnovels.com Get his free mortgage finance course at http://www.winningthemortgagegame.com
Latest News
 CEP News | A Rush Into Refinancing as Mortgage Rates Fall New York Times, United States - Mortgage rates immediately dropped, and that led to a surge in mortgage refinancing activity for the week — even with the Thanksgiving holiday. ... Mortgage Refinance Applications Soar As Rates Fall Homeowners' Refinancing Jumps by Record Pace Treasury mulls plan to lower mortgage rates to 4.5% |
 Yahoo | US MBA’s Mortgage Applications More Than Doubled Last Week Bloomberg - The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan jumped 112 percent to 857.7, the highest level since March, ... FINANCIAL STOCKS Bulls outlast bears in Wednesday grudge match Falling rates spark rush to mortgage applications UPDATE 1-US mortgage applications post largest gain ever |
Lower mortgage rates help but jobs, prices key Reuters - Applications to buy and refinance homes hurtled higher last week as the lowest rates since the summer of 2005 unleashed pent-up demand. ... |
 The Associated Press | Bally Total Fitness files for bankruptcy again San Francisco Chronicle, USA - Refinance volume more than tripled, while purchase volume increased 38 percent. Refinances accounted for 69.1 percent of applications, up from 49.3 percent. ... Thanksgiving week saw rise in mortgage activity |
 Boston Globe | Geithner May Seek to Push Bair Out After Clashes During Crisis Bloomberg - ... that contributed to the subprime mortgage mess. This year, Bair has proposed using taxpayer funds to help refinance loans for struggling homeowners. ... Mortgage proposal has faced conflict |
US Economy: Service Companies Shrink at Record Pace (Update1) Bloomberg - “Things overall still look bad, but this, together with last week’s doubling in MBA refinancing, provide glimmers of hope,” Ian Morris, chief US economist ... |
UPDATE: Builders Soar On Lower Rates, But Pain Persists CNNMoney.com - As consumers raced to lock in lower rates, applications to refinance existing loans jumped 203.3% last week from the week before, while mortgage ... "Good" news on housing |
Mortgage Brokers: Now Is Good Time To Refinance MyNC.com, NC - By Lauren Hills, NBC17, 14 hours, 38 minutes ago While most money matters aren't looking up right now, if you're looking to refinance your home, mortgage ... |
Fresh Data Is Sour Forbes, NY - 28, from the previous week's 404.4 reading, according to the Mortgage Bankers Association's survey. Refinance volume more than tripled, accounting for 69.1% ... |
Fed’s Kroszner Says Foreclosures Harming Middle-Income Areas Bloomberg - ... the highest on record as home prices dropped and stricter mortgage standards made it harder for homeowners to sell or refinance, RealtyTrac Inc. said. ... |
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