FOOD FOR THOUGHT

As you shop for a new home, are you interested in finding the absolute lowest price on the market, or would you say that you are looking for the home that most suits your needs and provides the best overall value?

Similarly, in terms of choosing a lender, are you simply looking for an order taker with the best quote, or would you say that peace of mind and receiving the best value are important as well? ie., competitive pricing in conjunction with: competent leadership, education, ideas, alternative plan designs, consistent follow-through, no surprises, etc.

Let’s assume that “the best quote” is in fact, your sole basis for choosing a lender. What if there is so much emphasis on rate, that these other important elements are overlooked and you wind-up getting what you pay for? Perhaps in the final analysis, you even end-up overpaying because that quote was void of sound recommendations or ideas that you simply were not aware of. While it is certainly prudent to shop for the best rates, be sure to look at the overall package and don’t sacrifice the exemplary level of service that should accompany those rates. The truth of the matter is, interest rates do not vary that much between lenders because they all sell their loans to the very same investors in the secondary marketplace. There is however, a huge distinction between lenders as it relates to the level of service they provide.

When it comes to obtaining a mortgage, there are many important factors that should be taken into consideration, such as the expected length of stay in your home, market conditions, interest rate trends, tax implications, opportunity cost, cash flow, etc. The real cost of your mortgage is NOT determined by the rate alone. It is a combination of interest rate, points, fees and actual terms, not one or the other, and ONLY as they apply to your own unique circumstances. This can best be determined with the proper guidance of your Loan Professional. Remember, there is no such thing as a stereotypical borrower and this is not a “one size fits all” industry.

So in the interest of closing your transaction smoothly and bringing your home ownership goals to fruition, who do you feel will provide the necessary leadership and the required coordination of effort? Who do you most trust to oversee and orchestrate this important event?