Beginning mid-June 2012, certain current, FHA-backed homeowners will be able to refinance their existing FHA mortgage into a new one, without having to pay the government-backed group's new, costly mortgage insurance premium schedule.
Home loan financing is complicated, so much so that an entire industry exists to assist people throughout the home buying or refinancing process. Mortgage loan professionals dedicate their careers to the intricacies and subtleties of the home loan market so that prospective home buyers don’t have to spend months researching current market trends in order to secure the best loan available for their refinance or new property purchase. However, as with any industry, there are good, better and the best options available when seeking the assistance of a mortgage company. Knowing what separates the good mortgage professionals from the best mortgage professionals can bring any buyer the confidence that they’re making the right choices thanks to proper consultation.
What Should I Look For in a Mortgage Company?
If you’ve asked yourself this question, you probably came up with generic notions like “a trustworthy company”, “that’s knowledgeable”, “experienced with many types of loans” and “good with customer service”. Those instincts are dead on – but how do you go about assessing these variables when comparing mortgage professionals side by side in order to choose the right mortgage company to work on your loan?
Find a Mortgage Company that Answers Hard Questions
The most common questions borrowers ask when shopping for a mortgage company are “What are your rates?”, “What are your points?” and “What are your fees?”. Often times, less than reputable companies will answer whatever they think they need to say to get you in the door. A better opening question when shopping for the right mortgage company is “How do I know I can trust you with my loan?”
Other questions you should ask as a prospective borrower include:
- Will I get a Good Faith Estimate immediately?
- Are you willing to estimate and explain your fees to me?
- Do you get paid in points or on commission?
- Who are some of the lenders you work with most frequently?
- Do you guarantee that lender and 3rd party fees won’t be higher at closing?
- Do you charge an upfront application fee?
- Do you have testimonials from previous clients that I can review?
Mortgage loan companies that shy away from or deflect any of the above questions are likely working in their interest and not yours.
Find a Mortgage Company that Asks Hard Questions
While inquiring with a mortgage broker about their business practices is crucial in the decision making process, you should also be looking for a mortgage company that demands certain information from you. A mortgage professional who acts like they know of the “perfect loan program” for your situation without having first asked what your financial status, job status and future plans are is likely looking to sell a product for which they’ll make the most money, not the product that’s best for your home loan situation.
Talk to a Qualified Mortgage Professional Today
Buying a new home or refinancing your current loan can be a stressful situation. Following this guide will help prospective borrowers feel secure they’re making a good choice when deciding on the right mortgage company for their Washington State home loan. If you have further questions about choosing the right mortgage company or would like to talk to someone willing to answer the above questions and more, contact a mortgage loan expert at Sammamish Mortgage. Don’t hope for the best when you can consult with the best.