About to take a “Mortgage Safari?”
The dinosaurs may be gone, but watch out for the snakes.
With over a hundred mortgage lenders leaving the market in the sub-prime debacle, one might think predatory lending practices are a thing of the past. But frankly, it’s still a jungle out there. Most folks who are buying homes today haven’t spoken to a lender since long before the shakeup. Some lenders who were top-notch back then, are now extinct.
Who protects the borrower?
Good question. Real estate agents are often asked for referrals to lenders, but agents aren’t mortgage experts. It’s simply not within the scope of their expertise.
Yet choosing where to go for your loan is truly the first part of the hunt. It isn’t as simple as it once was. There are Mortgage brokers, mortgage bankers, banks and a myriad of other institutions.
- Mortgage brokers are not the real lender. They represent a number of different lenders. Their job is to get you approved, but they make their money referring you to the lender who can pay them the largest fee – and that may not always in your best interest.
- The mortgage bankers may hold your loan or package it and sell it, but at least they have their own money in the game, if only for a while. But think about that: It's their money. Whose interests are they going to protect?
More twists and turns through the mortgage jungle...
Then there are all those different lending products: ARMS, Fixed Rate, Stated Income, Government-backed, Interest Only, Option ARMS… and the list goes on. These can be very confusing and it’s compounded by the fact that lenders vary by which products they do best, so finding the right product from the lender is the key.
There has really been nobody that you – the borrower – could count on to protect your interests. Until now.
You need a guide.
Home Loan Allies knows the mortgage jungle. We screen lenders on a regular basis. We establish relationships that best meet the needs of our clients, both from the types of mortgages they provide and, more importantly, their integrity and service. And we continually review their practices and policies throughout the relationship. With our guidance, you get the best mortgage for you, from the best lender to provide it.
Because Home Loan Allies operates differently, you can depend on us to assist you in determining the optimum type of loan to meet your needs - and the best lenders to provide them. We provide you with the tools to make those decisions, but you remain in control of the decision making. And best of all there’s no charge to you for this service.
To learn more about how Home Loan Allies can protect you on your mortgage safari, CONTACT THE AGENT THAT DIRECTED YOU TO THIS SITE.
Agents and brokers can contact us at 314-414-2020.
Remember: When you’re trekking through a jungle filled with wild beasts, the last thing you want to be is bait.