We all like choices right? That would be the American Way. We all want to know what our options are, be it in which flavor of bagel we prefer, new cars, new shoes, or mortgages. One of the great advantages of working with a mortgage broker is you can discover all your options under one roof.
I often have borrowers who don't know what type of loan suits their financial needs the best. After going through the analysis of down payment availability, cost of mortgage insurance, credit scores etc. I come to find out that they are eligible for more than one loan program. Lucky dogs!
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There might be a borrower who qualifies for both FHA and USDA, or USDA and VA, or FHA and conventional financing. What that means is that they can choose the loan that works best for them for whatever reason. Maybe they prefer the lower down payment of the FHA, or the lower MI of a conventional mortgage. Or perhaps they are VA eligible but think they may be interested in a conventional mortgage. I can show them the differences in the interest rates, programs and mortgage insurance premiums for each. That way the consumer can make the best choice for themselves all in one stop.
A couple of years ago I had a borrower referred to me who was VA eligible. He had been told by his bank that the conventional mortgage would be a much better bet. After speaking with him for a bit I offered to do a side by side comparison of the two loans. (His bank did not have the VA product.) When he saw both payments and the required investment side by side he chose the VA which made perfect sense for him.
We can also offer options within our portfolio of lenders. Perhaps you have been to your credit union. They took a look at your credit score. Sorry, they say, your score is under our minimum requirement for the loan. Between our network of lenders we can cover much more ground on credit related issues. IF one lender doesn't go below a 640 on an FHA loan, another will. If one lender won't close a conventional loan with a credit score below 680-we have one that does. It's as simple as that.
As a mortgage broker we offer more chances to close your loan than your bank, your credit union or your mortgage banker.
What many consumers don't understand is with the changes in lending rules even that highly qualified buyer may need the second chance. Let me give you a for instance.
I worked with a client recently who had a credit score of almost 800. He had an excellent new job with great earnings. But he couldn't get his bank to lend him the money to refinance his house. Why not you say? What could possibly be wrong with that picture?
Now wait-don't get all involved in the picture...back to my point, my client who couldn't find a loan...
What was wrong with his picture was not a duck watching television on the barn roof. What was wrong with his picture was he had just begun a new job after being laid off for several months. One of our lenders (and his bank) required him to be on the new job for 12 months before they would refinance his home. But, because we have choices, another of our lenders was able to close the loan once he had been on the job for thirty days. Problem solved!
So the moral to the story is-we love choices-go where you have them-call Tippecanoe Mortgage first for all your options.
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