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HOW TO MAKE THE MORTGAGE BROKERS WORK FOR YOU (3 steps)
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Mortgage Broker FYI
A mortgage broker can be helpful in the lending process. A broker does not
lend money; instead, they are a company which offers loans from a variety of lenders. The lender still controls the terms of the loan and makes the final decision on whether to offer the loan.
SHOULDN'T I BORROW FROM THE BANK THAT HAS MY CHECKING ACCOUNT?
A lot has changed since Jimmy Stewart ran the Bailey Building and Loan in "It's a Wonderful Life". \n\nNowadays, virtually every mortgage lender sells your loan for cash on the national market, or ensures that your loan COULD be sold. The fate of your loan application will be in the hands of an impersonal bureucrat called "THE UNDERWRITER" who decides whether your property and loan meet the arcane requirements of FNMA, GNMA et al. \n\nYour friendly bank manager is not going to approve your mortgage. He will smile and take your application and then turn it over to specialists probably located in another building or another town.\n\nYour loan might be approved if it is 100% routine. But nowadays a majority of loan applications require some special attention: rewording relevant facts; pushing paperwork along; etc. Otherwise your loan money arrives late or never. \n\nFor that you're going to want a specialist--A MORTGAGE BROKER or MORTGAGE REPRESENTATIVE--working for you. Because you need someone in YOUR CORNER who knows YOUR STORY and can package you in a loan application so that the mortgage BANKER ( the one with the money ) can see that you are a good borrower and will repay the loan and will therefore loan you the money.\n\nOf the thousands of brokers competing for your business, here are 3 who regularly work in Pierce County that I have found absolutely reliable:\n\nTERRIE BETHEL, Prime Lending,253 604 0870. tbethell@primelending.com\nMEL SCHUCKENBROCK, Viking Bank 253 222 1104\nLOWELL HANSEN, Financial Serv. NW, 253 460 1990\n
WHERE CAN I GET THE FAC TS AND RELIABLE ADVICE ABOUT MORTGAGE FINANCING?
Would you go to a surgeon who also drove ambulance on the side?\n\nI know there are real estate offices with in-house mortgage lenders. There are even some agents who play the dual role of sales-agent-mortgage-broker.\n\nI have always avoided these arrangements not because they are unethical per se, but because they cannot guarantee what the client or customer expects: a full-time, objective expert, whose knowledge and dedication are fully devoted to the clients best interest.\n\nBeing in my business, I have come to know quite a bit about mortgage lending. But still, the best thing I can do for you, the customer or client, is to recommend you to a mortage specialist who knows all about mortgages and helps you to take advantage of what he knows. (To see my best recommendations, please go to "BUSINESS DIRECTORY".
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