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Why Choosing an Experienced Lender is Important

Author: Vivian Source: Unknown Click: times
For the past 26 years I have been helping home buyers and current homeowners with their lending needs. Believe me, I have seen it all; from the counter clerk at McDonald's qualifying for a $500,000 rivets manufacturer home purchase to the self-employed doctor who can't qualify for a loan.
When the housing market was hot anyone could be a "Loan Officer". You didn't need training or experience; just sell...sell...sell. If you had to to lie about someone's income to qualify them, so be it. It was hard, no nearly impossible for any lender with integrity and ethics to compete and do business. Well, all those "chop shops" have gone away beauty products and the lenders who survived hardware accessories are stronger for it.
I want to clear up some misnomers about banks and mortgages. True or False:
1. Banks have lower interest rates than independent lenders
2. Banks don't sell their loans
3. Banks take care of their account holders by giving them preferential rates
And the answers are: False, False, and False
When you go into your bank and to get a quote on a mortgage you are going to get only what that bank is offering that day. I deal with 20+ banks, including the one where you have your accounts. The truth is, my rates are lower than your bank's EVERYDAY!
This is important! If possible, before you retain wholesale nail products a real estate agent, get Pre-Qualified for a loan. It will save you a lot of time, effort and stress. Also, do not get financing advice from an agent. Let the agent do what they do best, find homes for you. You wouldn't ask a lender like me to find home for you, would you? Of course not.
My company is rated A+ by the BBB! http://www.dc.bbb.org/report.html?national=y&compid=204215601 If you have any financing questions or to get pre-qualified, feel free to call or e-mail me.
Steve Abelman
Vice President
FreeStar Financial
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