New to My Blog:
Tammy's Tips: Helpful Hints from My Preferred Lender
I am excited to bring you a new feature brought to you by my preferred lender, Tammy Wittren of Guild Mortgage [Mortgage Banker NMLS 113328, Guild Mortgage Company: NMLS 3274]. I'll be sharing useful information from Tammy on a regular basis. Feel free to email me with any suggested future topics!
What is the difference between my Bank or my Credit Union and the local lender that Kathryn has recommended? In truth, the difference is your offer being accepted by a seller. Most Realtors won’t accept offers from big Banks and Credit unions because they don’t’ close on time and communication is nearly impossible. Typically Banks and Credit Unions work normal business hours and aren’t available nights and weekends. A loan officer at a bank or credit union is usually someone without years of experience – they tend to be folks who need a job rather than a career. New purchase deals come to Banks and Credit unions through members regardless of the service they deliver. Banks andcredit unions will entice you with low, “teaser” rates and then hit you with longer turn times and additional fees once you’re under contract. Typically, they aren’t available nights and weekends for updated pre-approvals or for conversations from the listing agents to confirm your pre-approvals are legitimate and not just a pre-qualification – there is a difference! (A true Pre-Approval means the lender has validated income, credit and assets, taken a full loan application and run the file through automated systems. This tells you how much you can afford and lets a seller know you are a serious buyer). With banks and credit unions, more often than not, the processing, underwriting and funding of loans are sent off-site to operation centers in different cities than your loan officer and may even be in a different time zone. In addition, the product depth is very vanilla and doesn’t offer options outside normal lending guidelines. Many Big banks and credit unions cherry pick the great loans that fit their product offerings and nothing more. And finally if your file needs creative problem solving your loan file won’t get the extra attention to close on time as promised.
There is a difference. Chose a local lender with in-house underwriting and funding. Chose a lender recommended by your Realtor. The lender referral given to you by your realtor is beholden to understand guidelines, problems solve and close on time and deliver exceptional customer service or that referring realtor won’t refer that lender in the future.
Contact Tammy today to learn more about how we can help you together! 503-970-0761 Email: firstname.lastname@example.org