Use A Local Petaluma Lender

Use a local Petaluma Lender to obtain a purchase home loan or a refinance home loan.

A Sonoma County mortgage company will have one of the three types of representatives to assist you and helping you obtain a home loan. The first one will be local Petaluma Lender. This will usually be somebody who works for a mortgage bank. A mortgage bank is a mortgage company that uses a monthly credit line to fund mortgage origination’s for sale in the secondary mortgage market otherwise known as Wall Street. Another possibility is that the lender you are working with is a banker or someone that works for a depository institution and their focus is to work their normal job. Because of the way these folks are usually paid, they don’t have a vested interest in making sure your purchase or refinance loan closes, the way an independent lender would. The last option is dealing with a mortgage broker. Mortgage brokers have no control over the loan. Mortgage brokers do not fund loans, service loans, or underwrite loans, all they do is put loans together for a local Petaluma Lender to represent and warrant. Due to the economy mortgage brokers national volume is approximately 20% of the marketplace. 20% of the whole mortgage marketplace comes from the mortgage broker community. All other mortgage originations are coming from banks and independent lenders.

By using a local Petaluma Lenderyou can gain access to mortgage loan programs. When applying for a home loan with such an individual you will only be required to submit one credit report to that mortgage company. When dealing with a mortgage broker you will submit multiple credit reports to every single mortgage company they place your home loan with. This results in multiple credit inquires which could dramatically reduce your credit score. The higher the credit score the more likelihood your local Petaluma Lender can get you the best interest rate and terms on a new purchase loan or home refinance loan.

It’s extremely important when searching for a mortgage that the mortgage company you are working with has the people in the office that can actually make decisions on your purchase loan or home refinance loan.

Every local Petaluma lender should have access to an in-house underwriter, doc drawer, and funder.

This is a critical component of the mortgage process especially if you are seeking a purchase loan because you’re real estate contract will require you and your local lender to meet certain deadlines. Other benefits of working with a local mortgage company that have in-house folks, so questions can be answered very quickly. The marketplace is ever-changing and the real state market is constantly evolving as more bank owned property come on the market and short sales take over the remainder of unsold homes.

Picking the mortgage company can be a very tricky task. Working with the mortgage company who you do not get to see in person can be a big mistake such as working with an internet lender. Understand that business model, unlike a Petaluma Lender, they’re business model is based solely on loan volume. Customer service, advice, and deal structuring are not in the cards when working with a mortgage company from the Internet. Selecting a mortgage company will most likely translate to YOU putting your loan together from scratch, never mind the countless hours you will spend trying to find the unrealistic mortgage lender documentation. Go with the choice that makes the most sense, work with a local Petaluma Lender, at least someone you can go meet with in person to discuss your purchase loan or home refinance loan.

An in-person relationship local Petaluma Lender cannot only make your purchase loan or home refinance loan less stressful, but the amount of time and energy you will save will be well worth the visit.

Mortgage brokers, Banks and Internet lenders simply do not have the mechanisms, wherewithal or resources to adequately serve today’s customer looking for mortgages. Using the local Petaluma Lender, the hybrid broker/banker can handle the capacity of closing home loan in record time because each resource is at his disposal. No big bank ever has home loan origination and underwriting in the same office, let alone under the same roof. More often than not, banks’ have origination in one office and underwriting, doc drawing and funding 100 miles away or more.

Smart consumers looking to take advantage of the marketplace by securing a purchase loan or a home refinance loan should know that working with a local Petaluma Lender, who has absolute control of their loan from start to finish is the best possible solution for their home financing needs. The personal relationship, in-house funding, and mortgage structural advice significantly outweigh the risks of maybe a slightly lower interest rate on a loan that will be stressful, cumbersome and downright unpleasant working with an Internet lender or an independent mortgage broker whose funding sources are drying up due to Federal Reserve changes in the Truth in Lending. A local Petaluma Lender can help you obtain the best mortgage.

If you are thinking about a purchase loan or a home refinance loan, enjoy working with a local Petaluma Lender whose mortgage company is completely solvent, I would welcome a telephone call or e-mail. Email Scott.Sheldon@nafinc.com. Scott Sheldon is a local Petaluma Lender with six years of mortgage origination experience.

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1 Comments

  1. […] 3. A Direct Lender/ Mortgage Banker- these people do have to be licensed with the NMLS as licensed mortgage loan originators. The main difference between a banker versus a broker is the fact that a banker represents and warrants in the origination of the loan in making sure you has the ability to afford the loan both before and after the loan closes. This is because a mortgage banker is taking considerable risk lending their own money to and as a result they need to make sure that the people they are lending to can actually afford the house and that they are being responsible. A typical mortgage banker has a monthly credit line somewhere in the hundreds of millions which they use to fund loans with on a monthly basis. After they fund the loan they sell the loan usually to Fannie Mae or Freddie Mac in the secondary market and then they free up their credit line again to originate more loans. They are also directly compensated on the performance of the loans that they originate as well. Mortgage bankers also have direct contact with underwriting and have significant pull in getting a loan to perform or meeting the contract deadlines of a real estate purchase contract. These are the folks that can make loans happen in record time as well as deal directly with underwriters. Mortgage bankers also are regulated by the Federal Reserve and have a higher level of standard in giving folks the best possible financing than a broker does.Bankers lend their own money and they can actually make decisions on loans that brokers can’t because it’s their own money. A Local Petaluma Lender will help you secure the best rates and lowest mortgage rates. […]



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