10 Secrets Most Lenders
              Don't Want You to Know


The right or wrong decision when signing your home mortgage can mean thousands of dollars difference in interest paid. There are very important considerations to evaluate before you commit to a 15- or 30-year note. For many of us our mortgage loan is the most important financial commitment we'll ever make. It just makes sense to know as much as possible about the financing of our home. Take the time to thoroughly investigate all of your options!

Unbelievably, many sign the first mortgage placed in front of them. Typically the excitement of the new home purchase reduces the mortgage to not much more than an afterthought. What you read here could save you hundreds or even thousands of dollars. Your real estate professional has established relationships with the top lenders in your area. By aligning yourself with a professional agent you ensure that all the financial steps are taken care of properly and economically.

My lenders are committed to an open and honest relationship with its customers. We want you to be satisfied with your mortgage experience so you will refer your family, friends, and co-workers to them.

1. Utilize a Lender With Established Ties to a Real Estate Agent - Lenders are much more flexible with the Real Estate Agents who have done business with them previously. This relationship then establishes them as a team. The lender and agent work effectively together, referring each other business. That's why a good agent can make substantial difference in setting up the most economical financing. And the right financing can, literally, save you tens of thousands of dollars over the life of your loan!

2. Don't Attempt Paperwork Alone - All the paperwork required to complete the purchase of a home can be quite intimidating and frustrating for a home buyer. Make sure you have your lenders help you with all the paperwork. Get help from your team - your lender and your agent - by making certain your Real Estate Agent reviews the loan term presented to you. Their expertise will help alleviate stress and it will prove to be invaluable before you sign your mortgage. You don't have to be an expert in home loans if you have the advice of a trusted, knowledgeable Real Estate Agent.

3. Become Completely Educated - Pick your lender's brain. Lenders will teach you all about your various options, even if you haven't found the right property yet. They will be very patient with you while you are looking, especially if you have aligned yourself with the right agent. They understand all the up-front work will pay off in future business. Your agent will then continue to refer people to the courteous and service-minded lender on down the line.

4. Look at All Your Options - Make sure you see at least three loan programs for your mortgage. Lenders have many programs and should work with you and your agent on deciding what terms are best for your circumstances. Evaluate all your options. After all it's your money you're spending - not theirs!

5. Demand Service - There are differences between lenders beyond the competitiveness of their loan rates. The difference is in the service they provide. It is their job to serve you! You want to get the loan approved and move into your new home as quickly as possible, but don't overlook the fact that you are the one spending the money and they are the ones who should cater to your needs. Don't let the process become so intimidating that you lose this understanding.

6. Be Honest With Your Lender - Your lender wants to help you with your loan. The only time they get paid is when you get approved. The more information (good or bad) you provide your lender, the easier it will be for them to get an approval. It helps them present the loan in the best light. This in turn helps the loan get the highest approval rating.

7. Get Pre-approved, not Pre-qualified - By getting pre-qualified you know approximately what financial parameters to stay within. Your agent and lender will consult with you and help you get qualified for the loan that best fits your needs. Many times they are able to get you a larger loan than you may have thought possible. Even better than Pre-qualified is Pre-approved. It means the lender has to do more work verifying income, reviewing credit, and underwriting your file. However, a formal credit approval is like a signed check, all you need to do is find the right home and negotiate purchase price with the help of your Realtor. Knowing exactly what you can buy and under what terms before you commit to a purchase makes far more sense. With a formal credit approval backing up your offer you are in a much stronger position to negotiate.

8. Stay in Complete Touch - You should have an update from your lender as each step of the loan is completed. This will ensure that no details are overlooked and there will be no surprises. Even after you have been pre-approved and negotiated a purchase, the lender has many steps to complete before they are ready to fund your loan and close the deal.

9. Don't Wait for the Bottom of the Market - The odds of you hitting the bottom of the market are about like the odds of you hitting your state lotto! You will almost never hit the bottom of a market. And trying to time it exactly right is often costly. It usually causes a person or family to miss out on the opportunity to purchase a very nice property. You're better off simply negotiating the best rate and terms you can at the time you find a property. If interest rates go down, you can refinance. This is a much better approach because you won't miss out on the property you've spent so much time locating.

10. Don't Give Up on the First No - Initial decisions are not always final decisions. Going to a higher authority can sometimes get you the loan, but do so with the assistance and compliance of your lender and agent. Many times special circumstances when explained properly to the person in charge will win you the loan.