WHERE IS THE BEST PLACE TO GET A MORTGAGE?

Getting a mortgage can be a daunting task to the uninitiated, but it pays to understand the process upfront and pick the right mortgage company to work with to ensure a successful and quick closing.

When getting a mortgage, there are three key individuals in the process: the loan officer, the loan processor and an underwriter. Your interface to the lender is a loan officer, sometimes called an account manager or mortgage banker. Their job is to collect a complete and accurate loan application package from the borrower, and provide quotes and estimates of your loan terms. Loan officers usually have a processor that helps them to gather, submit and track application status along the way. The other key person in the mortgage process is the underwriter. The underwriter reviews loan files to see if they fall within the lender’s lending guidelines and are the ones who will ultimately approve or deny a loan application.

Choosing the Right Mortgage Professional

You have countless choices of loan officers, but many buyers make a critical mistake and simply walk into their local bank or credit union branch to apply for a home loan. In-branch loan officers often wear many hats taking loan applications, opening checking accounts and processing deposits. Anything not mortgage-related is a distraction, and you are best served by loan officers who do mortgages for a living. Moreover, many of the loan officers at bank branches are on salary or salary plus commission so are not as dependent at trying to complete each loan timely.
Mortgage brokers do not originate loans, but simply act to broker your loan application to an appropriate mortgage lender. Mortgage brokers have an advantage over banks or credit unions because they can place the loan with any of the lenders in their portfolio. Having the ability to shop the loan and not be bound by the underwriting criteria of one particular bank or credit union is a clear advantage these days. Furthermore all mortgage brokers have to be individually licensed by the state while loan officers working at a bank do not have to (they work under the bank's license). In other words you find more experienced and more seasoned loan officers at a mortgage company which results in not only knowing upfront that the loan can be funded but also how it should be processed so that it is underwritten and eventually funded at closing.

Ask the Right Questions Before Applying for Your Mortgage

Nothing is more painful than loan delays when closing the purchase of your home. One way to avoid them is to ask the right questions, which almost no one does.

1. Where is my loan going to be processed and underwritten?
2. What is your current turnaround time for loan underwriting?
3. Do you have a mechanism for escalating files that are in jeopardy of being delayed?
4. Can you provide statistics on what percentage of loans you close on time?
5. Will you provide any guarantees or fee reductions if my loan is late?

By asking the right questions upfront, you can avoid painful loan delays at the back end of the home buying process.
We have had great success with Netcentral Mortgage as they have helped in making numerous loans in the past 14 years that other banks and credit unions could not. They're extremely competitive and they can be reached at 414-258-7833.