Refinancing With Current Bank for Ease Misconception
This likely is not the first time I have posted about this topic, but I feel sorry for the local Frisco and Flower Mound homeowners I talk to who keep making the wrong decision on where to go when they want to refinance their home quickly and easily. It is very American to take the safe assumed quickest easiest option. It is a very big misconception to think that because a bank has your current mortgage, it will be easier to use them to refinance your home.
Best Mortgage Option for Ease and Service
Believe it or not, and I know some of you reading this will choose NOT to believe, because you think I am trying to persuade/sale you on this, but you will also be the one that calls me or another banker/broker to save you when your current lender makes life miserable for you when you do not take my advice. Just becasue your current lender has your loan, that does not mean they are not going to ask you for all the same exact documents services that another would. You still have to have an appraisal, 90% of the time. Imagine, there are millions of homes out there, and there are a large percentage that drop in value every year, and large banks do not discrimate in such a way that they will assume your house did not drop value and therefore give you an “good faith” value to make life cheaper or easier on you. You will be required to order an appraisal, use a title company (which means you pay title company fees), bring your old survey to closing or buy a new one, and submit all your income and asset documentation…W-2’s, Tax Returns, Bank Statements, etc. The reason you will have to do that no matter where you go??? The reason why is; all the major banks want the support of Fannie Mae and Freddie Mac in case you default on your home and if they do not underwrite your file following Fannie/Freddie guidelines, they are on the hook for your loan all by themselves.
Big Bank Loan Officer vs Banker/Broker Loan Officer
Lets sum this up. Now you know that all the same documents, processes, and fees are going to be required no matter where you go. Now, do you want to work with a loan officer who’s income is driven solely as a reflection of the service they provide for their clients/you, backed by a lending source/company that depends solely on the service they can provide to their loan officers so that they create a customer friendly atmosphere that provides a future of consistent growing business? OR. Do you think going to a major bank or sweatshop commercialized lending company whom pays their loan officers 1/2 the commission as the aforementioned loan officers because they provide their loan officers business from an already misguided and mislead database of checking and savings account clients whom are using them because they think they it’s the safe and quick option. The fact is, you are going to get better service and a better bang for your buck when you work in any form of business that is driven by a sales team where the number 1 goal is to provide a service that insures future referral. Bankers/brokers do not handle checking and savings accounts, or CD. We are mortgage experts. Apply online now if you like.