My First Infomercial…and Maybe my Last.

Wouldn’t it be Nice if all Lenders Used the Same Form to Quote Rates & Costs?

Dear Friends,
I’d first like to thank you for staying in touch, your continued business and repeat referrals. I greatly appreciate the response to my blog each and every week. This time around, I have provided you with my first video for your viewing pleasure. Still just as informative, but with a little flair and humor. Enjoy!

My first video is a quick discussion stressing the importance of asking for the official “Loan Estimate” or “LE” when comparing mortgage rates & costs between lenders.

There are many factors to consider when making the very important decision on whom to hire for your mortgage loan officer. Getting a good deal on your mortgage, that is also backed up by great service, is the perfect combination a wise borrower will look for in choosing his/her lender. Our past clients know they have received exceptional value in both of these important areas. We believe this is why they return for future financing or refinancing.

For those currently in the market who may be basing their financing solely on who is quoting the lowest rate and cost, may very well find this proves to be very costly and extremely frustrating in the end. Furthermore, many people who “think” they are getting the best deal, often times end up with a mediocre to poor arrangement. Getting fooled as a rate shopper can occur when the type of disclosure regarding the mortgage terms is either inaccurate or sometimes even misleading. If you are currently shopping for competing mortgage quotes, make sure that the lenders you are seeking are quoting all 3rd party fees and escrows properly and realistically. The simple way to do this is to require that your mortgage quote be shown on the official “Dodd/Frank Loan Estimate”. This is the best way to compare apples-to-apples. Note, the Dodd/Frank legislation replaced the “Good Faith Estimate” with the official “Loan Estimate or ‘LE’” back in October of 2015. Our customers have received the official “LE” for review and discussion from the first pre-approval meeting, to subsequent requests for numbers when looking for homes, to the official application, since it’s inception in 2015.

If you want to see some examples of the official, Dodd/Frank Loan Estimate click here.

Why would you want to accept any other type of financing estimate when there is a standardized “Loan Estimate” that exists? Why would you want to accept any other type of financing estimate when the “Loan Estimate or ‘LE’” is a disclosure form that all lenders have the ability to produce; and eventually, will have an obligation to provide to their customers upon an official application?

Ask anyone who’s been there and done that, the best way to shop for your lender is upfront. As a result, you can move forward with confidence that you have made in right decision. This also lessens the burden and stress of having to find the right lender to start re-documenting your entire file after you have negotiated a successful purchase agreement (which can also delay your closing). If you are deciding on whom to place your pre-approval with, but can’t get a mortgage quote on the official “Loan Estimate”, you are free to send your potential lender’s cost estimate, or fee worksheet to us. We will rebuild it for you on the official Dodd/Frank Loan Estimate, using all of their same, exact numbers, and send it back to you.

If you are looking to purchase a home this year, please contact me. By referral, I will sit down with you to go over your loan options. We will review and discuss monthly payments in various price ranges, closing costs, how escrows for property taxes and homeowners insurance work and what you qualify for. I am always available to answer any questions.

-Bob Hein, Mortgage Lender

 

Pre-Approval or Pre-Qualification With a Credit Check?

Dear Friends,

Now that spring has officially sprung, you may have been getting the inkling to get back into the housing market. Maybe you have been thinking about listing your home for sale and upgrading to your next one? If so, don’t wait until that perfect house comes on the market to get pre-approved. Although, we are very willing and grateful to be of assistance, and we are always on call; you will benefit by getting your documentation to the lender ahead of time. For one thing, you will receive (or you should receive) a variety of official Dodd/Frank Loan Estimates for the loan program(s) and price ranges that you qualify for and desire. Therefore, you will feel more comfortable in knowing what the down payment, monthly payment and costs are prior to making an offer. Additionally, your loan application documents will have been reviewed, and verified. As a result, you will be officially “pre-approved” and your offer will stand out against the “pre-qualified” buyers as a result.

Pre-Approval > Pre-Qualification with Credit Check

There is a difference between a fide pre-approval, and simple pre-qualification and credit check. After all, if you can get pre-approved in just 8 minutes, you just may not be pre-approved?

 

If you are looking to purchase a home this year, please contact me. By referral, I will sit down with you to go over your loan options. We will review and discuss financing examples including monthly payments in various price ranges, closing costs, how escrows for property taxes and homeowners insurance work, what you qualify for, and, to answer all of your questions.

-Bob Hein, Mortgage Lender
Phone: 616-292-6703
Email: bob@prioritymortgagecorp.com 

Pre-Approval or Pre-Qualification With a Credit Check?

Dear Friends,
Now that spring has officially sprung, you may have been getting the inkling to get back into the housing market. Maybe you have been thinking about listing your home for sale and upgrading to your next one? If so, don’t wait until that perfect house comes on the market to get pre-approved. Although, we are very willing and grateful to be of assistance, and we are always on call; you will benefit by getting your documentation to the lender ahead of time. For one thing, you will receive (or you should receive) a variety of official Dodd/Frank Loan Estimates for the loan program(s) and price ranges that you qualify for and desire. Therefore, you will feel more comfortable in knowing what the down payment, monthly payment and costs are prior to making an offer. Additionally, your loan application documents will have been reviewed, and verified. As a result, you will be officially “pre-approved” and your offer will stand out against the “pre-qualified” buyers as a result.