Everybody looking for Santa Rosa mortgages, knows the local market is completely saturated with mortgage companies. What’s more is that the major players today doing the business are the big banks such as Chase, Wells Fargo Bank of America and lastly, but perhaps most importantly independent mortgage bankers. Where do you go to get the best interest rate on that Santa Rosa mortgage loan? The answer is it depends. It depends on what you are looking for when it comes to the best interest rates with good service.
Looking at Santa Rosa mortgages and shopping around makes sense, just make sure it’s done with the right mortgage company.
My advice? Stick with a mortgage lender who is local and who only originates mortgages. Obtaining financing for a house from a depository institution is not the best choice because they wear too many hats. They deal with checking accounts, savings accounts and credit cards and they want your business in all of their other buckets as well two. A mortgage is too specialized to be placed in the hands of a big bank. Typically, the independent privately held mortgage bankers can not only shop for the best financing for you, they can get the loan closed much faster and more efficiently. Independent mortgage bankers provide Santa Rosa mortgage loans for folks who are shopping around. Here’s how to Get A Sonoma County Mortgage Loan.
Here are some questions to ask the mortgage company you select for your purchase or refinance loan:
1. How many points are being charged including both origination and discount points?
2. What does your lender fee cover? Can you wave the processing fee?
3. When you’re quoting the interest rate is that good for 30 days or 45 days?
4. Tell me about your company
5. Mr. Loan Officer, how do you get paid on this transaction?
6. Does the loan contain a prepayment penalty?
7. Tell me about your loan lock extension policy
8. Why should I work with you?
9. Tell me about the loan process, once we do an application what happens next?
10. How competitive are you with other lenders in the marketplace?
If you are shopping for a mortgage they should ask these questions. The loan officer you select should be able to answer these questions with ease and efficiency. There are lots of different mortgage companies available so if you have second thoughts, move on. It can never hurt to get a free second opinion.
Got a question? Want a live rate quote? Feel free to give me a call 707 217 4000. Scott Sheldon helps folks get Santa Rosa mortgages.