Your Mortgage Lender Could Cost You Your Dream Home

hey guys welcome back to another week of Mortgage Matters in Minutes here sponsored by mortgage specialists again it's Tuesday at 3pm and we're here to give our regular weekly update of topics in the mortgage and real estate industry and this week we're going to speak about why does it matter where i get my pre-approval we get this very often with first-time homebuyers people that are buying another house uh and they ask does it really matter where i get my pre-approval letter from or does it matter who i speak with and that's kind of an open-ended question uh but we want to give you our two sense of the reasons why you want to contemplate or think about where you get your pre-approval from right now more than ever it's one of the toughest markets for a buyer to purchase a home and i know why buyers are giving up a lot of things like no home inspections giving the seller the closing date they want giving the seller extra monetary money on top of the sales price maybe paying the sellers closing costs i can tell you when sellers review offers the lender does make an enormous difference and whether that lender has respect in the community or doesn't have respect in the community can be a huge reason why your offer is accepted over someone else's offer so the reason what i would first answer to you is why doesn't matter where i get my pre-approval it matters because it's going to be reviewed when you submit that offer and i can tell you if someone has had a previous problem with the lender whether that be in town out of town that seller or seller's agent will educate the seller and saying hey i've had a problem with this person i don't want to work with that particular company or loan officer again so my next topic meaning that it's a tough seller's market and that the sellers do look at your pre-approval a lot of advertisements you'll see are online lenders all day long a lot of advertisements during the day during the evening i can share with you here locally in the omaha market good experienced realtors don't like using out of town lenders why would that be the case obviously they've had problems with them and it's not just one or two or three times they've had problems with them but they hear about lots of issues with online lenders because they don't have maybe the local respect that someone like a mortgage specialist does just because we're here locally and if there's a problem we don't want problems to occur and we're going to work to fix those problems where we have heard many clients having online issues of those things to happen and there's no one to call because they don't answer their phone they email no one responds and so when you work with an out of town lender what we call online lender meaning not here locally you can usually only contact them via email or phone if they don't want to respond to those calls as timely like in the weekends and evenings it makes a little bit more stressful of a process for not only you but also the seller which means there's going to be you know problems that are going to happen accepting your offer another question we get often is should i just contact the lender that services my mortgage or my local bank and a lot of times I'll tell you yes your local bank is a great place to go they do the same type of loans and products and service that we do but a lot of times people may think well if i go back to my current lender or if i go back to the bank that has my information the process is going to be easier and i would argue and tell you that's not necessarily always true because every lender in the country that offers loans to the secondary market who is fannie mae and freddie mac fha and va and usda all of those type of loan products require the same information so whether you go to your bank or not maybe they can dig up your pay stubs or not your pay your

loan two years subscribe or 10 years ago they're still going to need the same paperwork that's updated whether you go with your local bank or the current mortgage company that's servicing your loan or with a new lender so it doesn't make any bit of difference in that regards and what i've also noticed and found is many times your local mortgage company i mean your current mortgage servicer not your local mortgage company your current mortgage servicer meaning the one you write your check out to many times when you contact them back they're going to give you higher interest rates the reason why sometimes lender service loans because they know you might have that relationship with them and you think you might not want change and because of that they know they can unfortunately upsell you and charge you more the last thing i would tell you whoever you're getting your pre-april pre-approval with use a local lender use someone that's in the community that's going to be around know and use a local lender that the real estate agents will know and trust and that you have a good relationship with i can suggest to you and tell you many transactions of people using you know someone that isn't in the area whether that's online or not might not understand how the local laws and time frames and process works here at mortgage specialists we lend in nebraska and we understand nebraska especially the omaha lincoln metro areas but i can tell you i wouldn't know how to perfect alone in montana or arizona or south carolina other lenders that do that yes are there issues that come up along the way because they're local laws and rules yes and so here at mortgage specialists we feel focusing on the local area doing what we know in our backyards in our community is the best way of handling loans we appreciate you checking in with us again every week we work to give education just like we do to our clients throughout the week so there's any questions you have feel free to jump on our website at mtg specialists.com phone call us at 402-991-5153 or subscribe to our Facebook channel here Instagram we love to connect with you weekly daily or whenever you have a need so we appreciate you all hope you have a great rest your week and we'll talk to you very soon

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