We are often asked, "Why should I use your lender referral rather than my mortgage broker, or a credit union or even a big bank like Wells Fargo, BofA, Chase, or Citi? Won't I get a better deal through one of these channels?"

We have a lot to say on this topic. Here are a some reasons why you'll be more successful (ESPECIALLY in a seller’s market against multiple offers, such as we are now experiencing) & be more likely to get your offer accepted, your loan actually funded, & your deal closed more quickly & at lower cost using our lenders who are local, direct lending mortgage bankers. 

Our preferred lenders do nothing but residential mortgage lending. And what's more, they'll fully underwrite your application upfront, at the beginning of the process, unlike most lenders. You see, big banks won't fully underwrite your file because that costs them time, resources, & money. Instead, they issue a "preapproval" based on the information you've provided. Sure, this "preapproval" enables you to write offers on properties, but it is NOT a guarantee you'll get your loan. That guarantee (aka "loan approval") only comes later, after you're in contract & have invested your own precious time, money, & emotional commitment...or NOT. Underwriting's job is to find reasons to deny your loan (& protect their own interests) and they often do. This happens a lot and when it does, you've lost your golden opportunity to buy the home of your dreams (& possibly the many thousands of dollars you've deposited into escrow).

To avoid this disaster, only apply with a lender who will fully underwrite your file BEFORE you start your home search. Here are some other reasons why it is in your best interest to choose an appropriate lender:

Consistent Service:
Our lenders are required by law to pass financial & personal background checks as well as licensing examinations. They are required to complete annual professional development education courses. Employees of large banks work under no such requirements & in fact are often transferred out of your transaction mid-stream, leaving your file in the hands of someone unfamiliar with all that has transpired to-date. This often results in requests for documentation you have already provided but which has now become "stale." Very frustrating!

Smoother Process:
If a big bank's back room underwriters say, "no" to you (& that usually won't happen until you are weeks into the process & often does happen even though you were pre-approved), you have to start over from square one with someone else, resubmitting ALL your documentation & applying for a loan all over again. This will put your deposit at risk. You could lose tens of thousands of dollars. With a mortgage banker, your information & documentation is submitted only once and if there is a problem with your file, we'll know about it much sooner.

Faster Process: 

A good loan officer often makes the difference between a deal that closes on time vs. one that falls apart. My lenders can close in as little 14 days! The big banks & especially the credit unions can & will take much longer (30-45 days), even though they’ll promise otherwise. This is a very important difference. When we write an offer for you on a property you want to purchase, we'll be much more likely to have our offer accepted by the seller who is always interested in a quick close.

Personal Service: 
A mortgage banker is in greater control of the process from application to funding than is a mortgage broker or a loan officer from a big bank or CU. A mortgage banker personally knows & works hand-in-hand with his or her processors & underwriters, often working from desks in the same room. The file does not get handed off from department to department. Also, a mortgage banker often knows the funders personally & maintains a friendly, trusting, professional relationship with them

Appropiate Loan Locking: 
Our lenders will not automatically lock your loan rate upon receipt of your ratified purchase contract as will other lenders, but will watch the bond market & corporate bulletins to advise you on the best time to lock. This can save you thousands & thousands of dollars.

Direct Service: 

You will always communicate directly with the individual to whom we am referring you. You will not be working with a huge, segmented, bureaucratic company that will hand you off from one person to the next so you’ll never become a faceless file or an impersonal number. Our preferred lender will be there for you from start to finish.

Timely Preapproval Letters: 
Our lending partners will provide me with a customized preapproval letter for the particular property of interest & at the specific offer price we've chosen & will do so right away at practically any time. Loan Officers from the big banks & credit unions work banker’s hours, of course, & may not be available when we need them. This could easily cost you the house you want to buy. Our lenders will place a call & a follow-up email to the listing agent "selling" you as a highly qualified borrower who has selected a lender that can & will close on time.

*     *     *
After all, that's how we'd treat family!