Getting Pre-qualified
Your loan options, rates and qualifications can vary over time based on the economy, regulations, current loan inventory, and of course your own financial situation and credit. There's no reason to have worry about the financing aspect of purchasing a home, cloud the joy of actually finding your new home. Have a conversation with a qualified loan officer first, because with that knowledge you can really enjoy your search for that next great home knowing when find it, you can buy it!
Look for a great loan officer rather than just a well known lender
Your loan process is only as good as the loan officer you're working with. While many lenders and mortgage brokers can often have somewhat similar loan options available, a great loan officer can help get you the very best loan while avoiding many of the stressful issues that can come with using a bad loan officer. Closing a loan is very complicated, and you want to make sure you're working with someone adept at their field. Did you know interest rates can change on a loan even several times even within the same day (until you "lock" that loan)? Did you know that every loan option has its own requirements for qualification? And those loan requirements will change from time to time too. A great loan officer knows his loan products inside and out, keeps up with each loan's changing requirements and therefore knows exactly what questions to ask you in order to make sure you will be able to close on your loan without problems. There are a great number of loan officers who lack a high level of expertise and experience. Don't just pick up the phone and call the bank with your checking account, or fill out an application on some random web site. Ask around, get recommendations, and make sure you're dealing with a loan officer that has a long history of providing great service to their customers.How can I be sure I have accurate information before my closing?
There are thousands of lenders and loan officers to choose from, but while it's good to shop around for the best rate make sure you include conversations with local experienced Georgia lenders/mortgage brokers. The reason is simple: there are many costs associated with closing a real estate transaction and laws and regulations differ from state to state. Loan officers who are inexperienced with Georgia closings may not know accurately all of the fees and costs associated with a transaction that closes in Georgia, and furthermore may not know which costs can or cannot be paid by the seller. Errors here could easily lead to hundreds or even thousands of dollars of unexpected and even avoidable costs to you at closing.
What about internet lenders, out-of-state lenders and those with nationally advertised phone numbers?
While there are millions of dollars spent advertising national and internet lending groups, we've found rarely do they close without unnecessary and sometimes significant issues. Often out of state lenders are unable to close a Georgia client's loan at all. When you pull a name out of a hat like through the internet or yellow pages, that person has no referral base to protect while dealing with you. You are merely one single potential paycheck. This means that if you're not taken care of properly that loan officer will likely lose nothing except your single transaction if you don't close. It is my experience that the level of professionalism is often significantly lower dealing with these kinds of lenders. We've seen such lenders offer poor information, poor communication, cause delayed closings, or even be unable to close at all. What recourse do you have? There is no face to look into, no office to visit and no manager to contact when trouble comes up. That's not to say that great closings haven't been conducted by many of these types of lenders, but we can see without hesitation the greatest majority of the problems our clients have had with lenders, have been within these groups.
Where can I find good loan officers?
While one option would be to speak with a loan officer that has conducted several successful loans within your own family and friends, a longer track history of more solid transactions would be found with a loan officer your Realtor is familiar with. You family may know of a couple successful closings with a loan officer, but your Realtor's pick will have had dozens or hundreds that the Realtor knows about. These loan officers are often the best you can find. Remember your loan officers that your Realtor's know have a reputation to protect with that Realtor and want to continue to have their name shared by your agent. They will go the to great lengths to make absolutely sure you're well taken care of and your transaction is problem free.
AtlantaPros will drop any vender (loan officer, home inspector, handyman, etc.) because of just one bad experience that is not immediately and graciously corrected by the vender. There are No Exceptions to this rule. While we cannot guarantee your satisfaction with any venders we might share with you, we only share our names of venders who have a solid reputation of maintaining the very highest level of integrity and professionalism in their respective fields.
Here are two great mortgage brokers you may want to consider:
Joe Rogers - North Point Mortgage Advisors
(404) 433-9803 • joe@npma.biz
James Willard - Liberty Home Mortgage, LLC
404.510.5717 • james@mylhm.com
There are many great lenders and mortgage brokers available to you; it's advisable to investigate several reputable professionals before making your final lending decision.
