Mortgage 101 - Mortgage Lenders:

In this Mortgage 101 series, Milynda Hallermann, with America’s Choice Home Loans, and Mitchell Bonte, with Cedar Frame Real Estate, will aim to demystify the financial aspects of homeownership. We will delve into mortgage terms, home buyer credit scores, online lenders, and much more.

Online Lenders 

Mitchell: I see ads all over the place for online lenders like Quicken Loans and Rocket Mortgage. As a professional loan officer yourself, do you recommend using an online lender?

Milynda: Well it is hard to turn on the television, open a magazine or even get on the internet without hearing about online lenders and Quicken Loans. They’re spending a lot of money advertising. What they’re not necessarily spending a lot of money doing, is training their loan officers and making their loan officers available for you when you, the customer, need help. While they can certainly be an option particularly in a tight market, the way we have right now, homes are going fast, you may consider that you need the responsiveness of a local lender who will pick up the phone, answer your questions and have you as an important VIP client as opposed to one of literally hundreds that they’re working with over the phone across the country. Your local lender is going to work hand-in-hand with Mitchell for us to get your offer letter submitted in a timely fashion so that you have the best chance of getting your dream home when you’re ready to make an offer.

Where Does My Lender Fit Into The Home Buying Process? 

Mitchell: For my first time home buyers, can you give them an idea of what the home buying  process looks like? 

Milynda: In a competitive market for buyers, it’s critical that you get pre-approved before you start home shopping. Otherwise, you might not be ready to make an offer on a house you fall in love with. The first step is call your lender, get pre-approved, get your pre-approval letter ready and know what price range home you need to be shopping for. So once you and Mitchell are out shopping, you’re going to find the home you want to make an offer on. You make that offer, you’ve got your pre-approval letter attached showing that you are a strong, serious and ready buyer and once your offer gets accepted, you’re under contract. Once you’re under contract, is when I really start to work for you, getting all of your loan documents in order and through the loan process. I have a team that goes to work getting everything ready in time for you to get to closing in a timely manner. When you’re ready to close on that contract your loan is also ready to go. 

Mitchell: If you want a lender that will get you through the lending process and a realtor that will get you through the purchase process, please reach out to us at cedarframe.com.