Second Opinion on Your Mortgage

Even If You Have Already Been Pre-Approved For Your Mortgage!

You or your clients are making what may be one of the largest investments of their life. Why not have me and my team take a second look at that mortgage application or preapproval and see if they are being treated correctly. If we can’t point out or substantially help “NO PROBLEM”. This is called checks and balances and I’m tired of the horror stories after the files close. It’s very simple people. We are all in business to earn money. Conceptually it should be an even playing field but it isn’t. if a doctor tells you  need massive surgery, what do you do? You get a second opinion.

That’s the way it should be with your mortgage too!  If you have already been pre-approved, pre-qualified or are in process for a mortgage, are you absolutely sure you are getting the best service and the best deal?

If they did not talk to you about any of these issues then you definitely need a Second Opinion.

DID YOU KNOW YOUR CREDIT SCORE HAS A DIRECT CORRELATION TO YOUR INTEREST RATE:

Simply put “Your Rate” on a Conventional loan is heavily weighted in determining your interest rate. Banks and brokers don’t care about helping you understand your credit and “Buckets” used. For example: a 620 to 640 credit score is the first bucket, 640 to 660 is the second bucket and so on and so forth. Having a credit specialist will increase your chances of getting either a better rate or a much better rate. We have seen plenty of people with a 639 credit score for example. Believe it or not, it takes us very little work to improve a score by 2 points thus obtaining a lower rate. A monthly savings of 1/4 of a point in interest rate on $300,000.00 loan is $43.00 per month, $516.00 a year and $15,480.00 throughout the life of the loan. This is a small example. Move the score enough and you can double, possible triple that savings.

Are you using your Bank for a mortgage loan?

Banks offer free checking because they know when it comes time to get a car loan or a mortgage loan, you are already familiar with them. Problem is “THESE BANKS HAVE THE HIGHEST DENIAL RATES” This attitude of familiarity can cost you a lot if you don’t shop somewhere else.  Again, they don’t work for free, so when they think you are not looking elsewhere, do you think you are getting the best deal in the market?  Could be, but not likely.

I’m not talking about interest rates either!

I’m talking about the structure of the deal itself!  Donald Trump, in his book called The Art of the Deal said, The price that you pay is the least of his worries in a transaction.  It’s how the deal is structured is what matters most.  You could have been quoted a wonderful interest rate, but if your financial house is not in order, the best interest rate could be absolutely the worst loan for you.

I’m not saying that interest rates are NOT important, they are!  But, here are some of the things you need to consider and why you need a second opinion from me:

  • Should you decrease your down payment and use your cash to pay off your high credit card debts?
  • Should you pay points or loan origination fees?
  • Does a no closing cost mortgage make more sense for you?
  • and did your lender show you how to save thousands of dollars and take 5 years off the mortgage term?
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About mortgagelendingstatenisland

I am a mortgage banking veteran with over 15 years of experience at every level of the mortgage arena. I am known as the "closer" because of my troubleshooting skils and ability to explain in detail to my clients and business partners "What Makes A Mortgage Approvable".

Posted on October 6, 2014, in Uncategorized. Bookmark the permalink. Leave a comment.

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