What’s the best way to apply for a mortgage you ask…?
There are so many ways to apply now… online being the most visible!
You can punch some basic info into an online mortgage site, and up pops a bunch of loan choices with the promise of ease, speed, and transparency – some companies even promise qualified customers “approval” in as little as eight minutes.
But taking out a six-figure loan is one of the most complicated and substantial financial transactions most people will ever make. Does it really make sense to handle it by pushing a few buttons on your smartphone? I would caution against it for many – there is nothing that will replace the human interaction and conversation surrounding your biggest financial investment and best practice for decision making.
So, Who could it be good for…?
Salaried borrowers, working for a big corporation, with perfect 800 credit scores alot of equity and or down payment and no questions about the loan or process – think “order taking”…
I would like a 30 year fixed rate mortgage at 4%, with no costs and … hold the pickles!
This will absolutely work well for some!
However, there are many that don’t fit into that box –
Here are some of the many reasons why those borrowers might consider taking more time with the process, including consulting with an experienced loan officer – seek a certified profession l mortgage planner for the best advice and guidance on your situation.
1. Speed and convenience alone do not always translate into a better price!
Do your research! those who sell only price, often do so because they have little else to offer. Price alone is not an indication of quality, service, or value. My goal is to provide you with the best combination of rate, fees, & service.:
Think how long you’re going to be in your home.” The reason? The length of time you estimate you are likely to be staying in the home can be a factor in the type of loan that might benefit you most.
Gaining an understanding of different loan programs is a smarter approach than just getting an “approval “in 8 minutes. A lot of people really don’t know if they’re getting the right loan program, the right interest rate, the right down payment.”
You may end up going the FAST online route but do so fully informed
2. First Time Buyers Need Guidance
First-time buyers should always talk through important details like rates, points, and closing costs with an expert. You don’t know even what to ask or search for until you have a conversation of your needs.
Even those who have borrowed before may want to consult with someone if there is anything about their circumstances that might make qualifying more difficult. “a real person could be a helpful advocate”.
3. Self Employed Borrowers may need more advice … SOOOO many things to consider here… not to mention IRS implications! Artificial intelligence cannot analyze these types of situations. You need an expert to guide you though .
4. You need someone on your side
When something goes wrong – and it can – having someone in your corner can make the difference between closing or not.
Finally, there is the matter of personal preference. Not everyone likes the impersonal approach and not everyone needs the extra help! but ultimately the goal is to get to the closing table – so to can achieve your dreams! We all need help sometimes – don’t be afraid to seek it out.
And Cheryl Braunschweiger
PLEASE NOTE: THIS LETTER AND OVERVIEW IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE LEGAL, TAX, OR FINANCIAL ADVICE. PLEASE CONSULT WITH A QUALIFIED TAX ADVISOR FOR SPECIFIC ADVICE PERTAINING TO YOUR SITUATION.
Source: CMPS Institute
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