(Originally published on August 27, 2009.)
It’s been a hell of a year so far.
We’ve seen lenders shut down, banks merging, and government takeovers. We’ve seen government mandates to lend…yet lenders aren’t lending. Consumers are weary of the slick-talking mortgage salesmen who say anything to get the business…yet fail to deliver. They are fearful of the latest scams reported about our industry. And a conversation with their local bank is often an exercise with incompetence.
New laws, new regulations, and new guidelines have left the institutional banks struggling with a lack of information, inability, and indecision.
Never the less, borrowers are still applying for mortgages with “their bank” and hoping for the best. The results? Bad advice, phone calls never returned, and their concerns condescendingly ignored. Borrowers are experiencing huge delays, broken rate locks, and closings adjourned. All this is costing borrowers thousands, measured in dollars and lost time.
- Why would you let the bank spend your money on an appraisal without first researching what the house might be worth?
- Why would you let the bank talk you into a 45 day rate lock, when its taking them at least 30 days just to underwrite the loan?
- How much extra will you pay for an expired rate lock because you shopped simply for the “best rate” – and instead got bad advice?
Do you know which banks are accepting our trusted appraisers and which lenders are entrusting your home’s value to a randomly selected appraiser in Montana?
Do you know which lenders will close your loan in 30 days and which lenders are taking 45 days to just underwrite?
And who will review your financial situation, uncover the potential issues, and address them before they become large problems at the bank?
In this crazy lending environment, it’s critical that you work with the right people who know what they’re doing and can get the job done. Working together, we can ensure that your transaction goes smoothly and stress-free.
Since 1992, Warren Goldberg has helped thousands of clients own their homes, refinance their mortgages, restructure their debts, and invest in real estate. Warren is known for his wide knowledge of mortgage products and wealth-creation strategies.