Shopping around for loan/mortgage

Ok.. So welcome to mortgage lending 2012... The process is not going to be easy, it will be a pain, you will think they cannot ask for anything else and they do.. That's just the way it is right now.. and anyone who says differently, probably isn't doing that much business... here's the thing... the big banks.. ie, Wells, BofA, Citi, etc... they all have a limited number of lending programs.. if you don't fit for whatever reason, you don't get the loan, and the banks right now are taking forever to process a loan, so it will be months not weeks before your move... the broker on the other hand, they have access to numerous lenders and a multitude of lending programs... they can seek out the right loan for your particular scenario, and they can do it for less... because they are smaller than these big banks, they have less overhead, and can offer better rates and lower fees... if your shopping around, which it appears you have, you really need to be shopping for the right person to work with, rather than the "Best Deal".. so your first question to your prospective loan officer shouldn't be "what's the rate?"... it should be how many loans do you close per month.. how many lenders do you work with, how long have you been doing this, what's the rating your company has with the Better Business Bureau.. once you find the right lender, you can trust him to offer you the best rate, and shopping is not necessary... if however you feel that you want to get the best possible deal, and you don't really care who you work with, then expect many, many hassles... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

No not too much to ask. I would definitely stay away from the big banks. Most of the big banks and internet type lenders do not have experienced loan officers. You should contact one of the Lender 411 mortgage professionals in the Phoenix area. They will give you honest, straightforward answers to your questions and help you get the best rate. The have the knowledge to see any challenges ahead of time and minimize them. Most have years in the mortgage industry and can answer questions particular to your situation. You should get pre-approved which means providing documentation about your income and assets along with having your credit pulled. You can have most of the work completed and ready to go when the short sale is approved. Good luck.

There are pros and cons to any mortgage lender. Most of the big banks are bogged down with refinancing loans from the HARP 2.0 program. Looking for the best interest rate isn't always the best deal. You need to compare the closing costs as well as the rate offered. The rate you are quoted is not the rate you will necessarily end up with unless you lock the interest rate when speaking to the loan officer. Financing real estate in this climate is challenging so you want to check out not just the financing institution but the loan officer as well since they will be the one answering your questions. Do they do it in a timely manner? Ask for referrals from past clients.Mortgage Brokers will take your information and shop it around to different lenders. The loan will be underwritten and fund in the name of the bank they place if with.Mortgage Bankers have their own money and will process, underwrite, draw loan documents and fund in their name. They are able to have more control over the process from beginning to end.Renee Gerke, Peoples Mortgage CompanyChandler, AZ480-231-2089

Hello. My name is Hope Myers and I work at Pinnacle Capital Mortgage. My company is extremely experienced in the mortgage process and has products and rates that are very competitive! I believe I work harder than most other mortgage professionals that you'll meet and truly care about my clients. I know how important this decision is for you and take great pride in being able to help you with it. Feel free to reach out to me through whatever means of communication you are most comfortable with. Email: hope@pcmarizona.com or Cell Phone: 480-203-9594 Thank you, have a great day!

Your short sale approval can take as little as 2-3 days and as long as 3-4 months to get approved by the seller's bank, depending on what the seller has previously done. If you are lucky enough to have one where the bank has already approved a short sale amount, then the turn time is usually not much different than a traditional sale. Use a local Mortgage Banker/Broker, rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, including those of the big banks. A bank will only have their own products which may not be the best option for you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Whomever you use, don't forget to check them out at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

BBB F-RATED company--PEOPLES MORTGAGE ---that totally mishandled my loan. 5 hard credit inquries one of which was recently done after my loan was sold to another company, hard inquries stay on your credit report 2 YEARS!! -Now I have to spend the time getting this removed from mine and my husbands credit--if that is possible--this has caused all of our credit scores to fall. 4 pay out-statments--which I HAD TO PAY FOR, my loan changed WITHOUT my knowledge, I was QUOTED a interest rate-only to find out months later--I was buying that interest rate-for thousands of dollars, I was DENIED twice by a lender, and had closing cost go from a little over $4,000 to over $8,000. Thank goodness we are financially able to cover all the cost. I am certainly NOT A HAPPY CUSTOMER!!!! My advise stay away from this company... and shop aroundI