Loan, does the bank matter?

Working in tandem with lenders is so much of what we do on a day-to-day basis. Facilitating back and administrative work, logistics, legal documentation and processing, customer service. We experience different loan officers and banks all of the time. It is from those experiences that we formulate our opinion and understanding of the lending industry. That is where we draw our recommendations for our clients when they decide to purchase with a loan.

Now this blog is not going to be one in which breaks down many loan products or goes into technical descriptions of lending. This will primarily be a general overview of how loans work and what you pay for.

Straight out of the gate I will mention this. There are many companies out there who are trying to get your mortgage business for “less”.

How much less is a little bit of a gray area. But it’s like the saying typically goes, you get what you pay for. More often than not that’s how real estate works. So often we see companies offer a “deal” then we see where they charge the same amount just on a different line item. Whether it be the house you’re buying, the agent you get, the lender you work with in the bank that services the loan. Sure there are exceptions to the rule, but you get my point.

Some other companies actually shrink your expenses but where they cut their costs is from the MOST important places. Service and responsiveness. Some may see $1000 in savings and say, “Who cares I want that savings.” Then after a stressful 2 month long transaction they are willing to pay double to actually have a human pick up the phone and get a document to the settlement office on time.

Trust me when I say this, not to disparage ANYONE, but we have never had a notably positive experience for ourselves or our Clients with a discount, high volume lender. Ever.

Want a GREAT recommendation? Well we have a few of those, just ask.