Mortgage Brokers vs. Big Bank Loan Officers
So I walked into the chiropractor and see one of the kids who went to high school with my twins. After we sent a selfie picture of us hanging out in the waiting room off to the twins, “Manny” says, “I was actually looking for a house recently”. We commiserate on how much the prices have gone up for a single family home and how hard it is to be a first time home buyer in the Bonita Springs Florida area.
“Manny” then says that he gave up trying to buy a home because the loan officer at the Big Bank told him he couldn’t get a loan because of the cash that he saved. You’re probably wondering who in their right mind would tell someone that their cash was not any good? I’ll tell you: A loan officer at a big bank. They get paid for loan applications, not closing loans. I was shocked that Manny didn’t get, at the very least, soaked for a loan application before he was turned away. (maybe he did, I didn’t ask)
Let me start out by telling you, the real estate consumer, that you’re going to the wrong places for your loans. A loan officer at a bank will tell you want you CAN’T do but an independent mortgage broker will tell you what you CAN do.
There are a lot of federal regulations that determine how mortgages get processed these days and cash does have to be accounted for. There are ways to skirt the issue by paying down a car loan or some other type of debt. Heck, with this scenario we aren’t talking about hundreds of thousands of dollars. A professional could have come up with a plan for the funds to be documented for the loan process, plain and simple.
It just really aggravates me that the unknowing consumer can still walk into a bank and get jerked around by whoever the plebe is that they propped up a the loan officer’s desk. It’s disgusting.
If you are a first time home buyer or even just coming to the area to buy for the first time, call me or your real estate agent and ask for the name of the mortgage broker who CLOSES transaction, not runs consumers around. CLOSES transaction and doesn’t just take loan applications. CLOSES transactions by offering a little coaching on how to get the buyers finances and credit in order and not just take the easy clients.