Want to save money and time? Shop for your mortgage!
Habits die hard. Perceptions die even harder. If you have it in your head that only banks (and maybe credit unions) issue mortgages, then you’re painting yourself into a corner that may end up costing you precious time and money. These days, you have a multitude of options when it comes to mortgages. Don’t shortchange yourself, consider an Independent Mortgage Lender.
If you’re considering buying a new home, whether you’re a first-time homebuyer or a seasoned homebuyer, the best advice you can get is to shop around for the best deal you can get. And don’t just go from bank to bank; check in at your local independent mortgage lender too. Remember: if you fish in the same pond, you’re going to catch the same type of fish. Branch out to try different ponds and maybe you’ll catch something better.
Overcome Your Reluctance with a Mortgage Lender
Most people start searching for a mortgage with the bank or credit union where they have their other accounts. It’s normal, and it’s something that your bank or credit union encourages. It’s the path of least resistance, since you feel like you already have a relationship with your financial institution. But if you do have a personal relationship with a teller or manager, it won’t likely matter much, since mortgages usually are handled by a different department.
You’ll be surprised if you can look beyond your personal bank or credit union. Many banks and credit unions only offer certain types of mortgages. If you fit into their categories, you may get a good deal. If you have an unusual situation or less than stellar credit, you likely won’t get the best mortgage package. Even the federal government, through its new TRID forms, encourages you to shop around for your mortgage.
The Value of Shopping for Your Mortgage
It’s rare that a person goes to a car dealership, points to a car and says, “I’ll take that one.” Yet that’s how the majority of Americans pick their mortgages. When you’re buying something that is ten times more expensive than the average automobile, that kind of shopping makes little sense, whether you look at it from financial sense or common sense.
To get the best deal on a car, you’ll check out the local dealership, do some online research and maybe even travel to a different city. You do all this to get the best deal. Even if you return to the original local car dealer to buy the first car you looked at, at least now you know you’re getting a good deal. You’ve educated yourself about the price and value of the car you want to buy. You’ve weighed the alternatives and made the best decision.
You simply must do the same when you’re shopping for a mortgage. Your home may be the biggest investment of your life. And because mortgage loans have so many more variables than a car loan — interest rate, term of the loan, down payment options, adjustable or fixed rate, just to name a few — you need to educate yourself. You need to shop around, just as you do when buying a car. If you walk into a bank and say, “I’ll take that mortgage,” the chances are that the bank gets the best deal it can.
You Have Mortgage Options
Banks and credit unions don’t have a monopoly on mortgages. In the United States, competition makes the market stronger. When you apply — or qualify or pre-apply — for a mortgage, the financial institution must send you a Loan Estimate. Part of the TRID disclosure rules, the Loan Estimate you receive is the exact same form, no matter where you apply for a mortgage. That lets you compare apples to apples and oranges to oranges.
So it’s easier than ever before to shop around for a mortgage. It costs nothing to apply (or qualify or pre-apply). And that’s where independent mortgage lenders like Prime Mortgage Lending of West Asheville come in. Independent mortgage lenders provide an alternative to banks. They underwrite their mortgages, so they don’t have to rely on a banker to say Yes or No.
Independent mortgage lenders operate under the same rules and regulations as any bank or credit union when it comes to issuing mortgages. But the independents make their own decisions, based on your situation. Independent mortgage lenders are often smaller and more flexible than a commercial bank. While a small bank might be more conservative with its lending practices, the opposite is true with an independent mortgage lender. As a result, they can offer mortgage loans that banks can’t or won’t.
Independent Mortgage Lenders Offer More Choices
Because Prime Mortgage underwrites its own loans, its mortgage agents work directly with you to help you get into your new home. When you work with Prime, you work directly with a mortgage expert like Zachery “Zack” Adam. He becomes your ally in the process, not your adversary. If Zack can get you into a house that you can afford, he’ll do everything in his power to make it happen.
An independent mortgage lender like Prime Mortgage offers loan packages that banks and credit unions don’t. While FHA loans, VA loans and conventional mortgages remain popular, Prime can offer debt consolidation loans, mortgage credit certificates and many first-time homebuyer programs. The point is that Zack works with you to find solutions instead of erecting barriers to home ownership.
The Best Advantage of an Independent Mortgage Lender
At a credit union or at a bank, you are likely assigned to a mortgage agent to apply for the loan. Even if you have a relationship with the bank or credit union, you probably won’t be working with someone you’ve known before. That person may even be responsible for other kinds of loans.
An independent mortgage lender only deals with mortgage loans. Zack at Prime Mortgage Lending of West Asheville is an expert on all types of mortgage products. If you’re considering buying a new house, talk to Zack first. Or second. But talk to him before you commit. Call 828-242-4780 or contact him online.
