Brenda Alfano, guest blogger and mortgage expert, shares some interesting insight into the mortgage process and things to consider when shopping for a lender.
Happy 2015! Do you have goals for 2015? Is one of them to buy a home or perhaps to refinance a home? Does either of those goals make you want to run screaming the other direction because you have heard horror stories?
Let me be honest here, the mortgage process is not an easy one. However keep in mind, some financial institution is going to lend you thousands of dollars, they want all the bases covered. Yes, I know that was not the system before the housing crisis; it was easy peasey and very little hassle. Now remember where that put the economy. Hmm, yes, they are far more cautious now. We also had a terrorist attack on our country. That caused tremendous changes in many areas as we know, especially the financial arena, which is why we in the lending world have to ask for soooo much documentation. The bad apple syndrome in play.
I recently read an article in which the Consumer Financial Protection Bureau (CFPB) was suggesting that borrowers not get their information about mortgages from a lender but rather from the internet – because lenders may have a vested interest in the mortgage they obtain. I don’t know about you, but I think that idea is pure crazy for 2 reasons.
First, who is putting that information on the internet – perhaps lenders!? Second, how much incorrect or contradicting information have you found when you research something on the internet? I have found plenty and it is very confusing!!
So my suggestion – do talk to a trusted professional or two whose name(s) you have received as a referral from someone you know and trust that may have just bought or refinanced a home. Or perhaps they used that lender several years ago and that lender stays in touch with them to be sure all is still working well with their mortgage. *Caution* Don’t always believe reviews on the internet as they can be manipulated. Talk to people you know.
When you work with a trusted lending professional, you will have more knowledge and less fear so you won’t feel the need to go screaming in the other direction!
It’s a good life!
Brenda Alfano
Mortgage Consultant
Absolute Mortgage
MLO# 229897
425-330-2039