Many folks today are contacting lenders and asking “what are your rates?” What many don’t realize is that this is not a simple question that can be answered in one sentence. Many variables need to be factored into the equation before a lender can determine what rates to discuss with you.
Here are a few things lenders need to know before they can answer your question:
• Are you looking to purchase or refinance?
• Is this your Primary Residence or an Investment Property?
• Are you looking for a Short Term Loan or 30 Year Fixed?
• Are you planning on moving in the next 3-5 years?
• Are you looking to take cash out or just rate and term?
• They will also need to ask you various financial questions as well.
When I work with a buyer, I tell them it is a lot easier to deal with a LOCAL lender, than an out of area lender. In a few instances, the buyer will still go ahead and deal with an out of area lender. In more than 95% of these cases, the loan is either delayed for weeks, and sometimes months past closing date, or it falls through a few days before closing. This is ALWAYS true with property on Indian Leased land. Not all lenders are able to lend on leased land, and those who can, are ALWAYS local lenders.
It is important to know Realtors do NOT benefit in any way when they recommend a lender. However, it is important to know IF they do recommend a lender, it’s most likely because they know the work ethics of this lender and trust how they work. In 17 years of real estate, I have only been disappointed ONCE in the lender I recommended who my previous clients had used in the past and were very happy with.
Almost every day you will see or hear advertisements from lenders promising extremely low rates and a lot more. When that happens, in most cases, you should be aware of the “red flag” waving in the distance. Many of these lenders have ‘hidden fees” you will not find out about until a few days before closing. This in itself is a good reason to use a lender others you know have used, or your Realtor may suggest you contact.
Also be aware, RATES ARE SUBJECT to many variables. You need to be shopping for much more than the rate. So when you’re really serious about service and cost that beats anyone you can name you’re ready to deal with a mortgage professional and get the quality service you deserve. Or you can keep dealing with order taking operators at some mega-bank three states away.
Find someone you can trust in your LOCAL area, Find someone who can give you customer references, and Find someone your Realtor has worked with in the past.
And when you are ready to make that purchase, pick up the phone and give me a call. I have many years of professional experience. Perhaps you may want to go to TESTIMONIALS and read what some of my clients have experienced working with me. Those comments speak for themselves, and I am mighty proud of them.
Would you like to make a comment on this article? At the end of each of these weekly messages, there’s a place at the end of each article for you to add comments. Just Click on “No Comment,” it will open up and you can write your comments here. It’s a great place for you to “let YOUR thoughts be known on the various articles written. Be My Guest………I‘d love to hear from you! Others would too!
Brought to You By Your Favorite Realtor,
Nancy Hankin
www.PalmSpringsHomesAndEstates.com
