Mortgage Lender / Broker Shopping? How to do it right. How to find the best mortgage

(651) 552-3681 Service Sets Us Apart

GUARANTEED LOWEST RATE AND COST COMBINATION

Our UP-FRONT Mortgage Lender PRICE & SATISFACTION GUARANTEE
Do you want the lowest possible rate and cost combination for your mortgage loan, but are tired of trying to compare the fine print and determine the bottom-line differences between the quotes made by the various lenders?

I will guarantee you the lowest bottom-line rate and closing cost combination on your conventional fixed rate mortgage. It is that simple.

We want you to make an informed choice when selecting a lender. Full details

That's why we have an Up-Front Price Promise. It's our commitment to help you know where you stand from the beginning.

We want your experience of selecting and obtaining a mortgage to be as simple and hassle-free as possible - with no unpleasant surprises. That's why we make the following promises to you:

You'll get an accurate rate and cost quote up front - and we will provide you with the following:

* Real time decision on your loan request
* A written Good Faith Estimate
* Guaranteed in writing closing cost

Upon receiving a credit approval, you can lock in your interest rate, discount points, and we will Guarantee the costs.

Because we are a direct lender, we handle the entire loan process from approval to closing. That means we can usually approve you within minutes without any middlemen.

While we have a web site, we are NOT an online lender. You'll receive the personal attention of a dedicated, highly skilled, and experienced Senior Loan Officer who will serve you during the entire process and provide you with proactive automated loan status reports which are also easily accessible online 24/7.

Full details

Shopping Around For A Mortgage Lender?
HERE'S THE INSIDE SCOOP ON HOW TO IDENTIFY A PROFESSIONAL MORTGAGE LENDER, BROKER, and LOAN OFFICER

FIRST: Make sure you are working with an experienced, professional loan officer. The largest financial transaction of your life is far too important to place into the hands of someone who just quotes rates, but is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you tell?

MY NUMBER 1 MORTGAGE SHOPPING TIP: Google the Loan Officer you are thinking of working with! Do you get any hits? What are they? Does the Loan Officer appear to be highly respected and quoted with lots of links? Then you are probably working with a professional. Can't find anything, or maybe just a listing on the company web site? That probably wouldn't be who I would pick to handle my largest financial transaction.

CHECK YOUR LOAN OFFICER OUT on the

Nationwide Mortgage Licensing System and Registry

http://www.nmlsconsumeraccess.org

If they are NOT on this list, be very cautious about using them.

My NMLS # is 274132

Bank Loan Officers versus SAFE ACT Licensed Loan Officers?
There is a BIG difference YOU need to understand

Washington has been busy protecting consumers from bad lenders right? Wrong! They have only done half the job, and sadly, the general perception by the public as to who is the better lender choice is completely wrong. Most people feel the brokers and the non-bank mortgage lenders have created all the problems. This isn't true. Just the opposite. Consider the fact that Fannie Mae, Freddie Mac, and banks make the rules, and the banks review, underwrite, and fund the loans for brokers. So who is fooling who? Fat cat banking industry lobbyist are spending your tax dollar with their bail-out money to portrays themselves as innocent victims, and have done a wonderful job getting that incorrect message sent to Washington.

Effective January 1, 2011 all Mortgage Lenders and Mortgage Brokers across the county will be require to meet new strict standard, and to be licensed according to the S.A.F.E. Act.

LOAN OFFICERS AT BANKS are NOT REQUIRED to follow the new rules!

Who is Best? Banks, Brokers, or Direct Mortgage Lenders?

An exemption in the consumer protection laws allows Loan Officers at the big Interstate Chartered Banks to NOT have to follow the same rules! Who are these banks? All the big names (Wells Fargo, US Bank, Chase, Bank of America, etc.), plus plenty of smaller ones.

Now I am not trying to make this into a David versus Goliath story, but I am trying to emphasize the huge differences and implications this change will have on the consumer. As the new requirements have been rolling out across the country, many of the current Loan Officers who have been unable to meet the new requirements, and especially those who have failed the new tests, have simply gone to the large banks to work.

Calling "1-800-Big-Bank" to get a loan??? YIKES

Here is a chart to show the differences:

	S.A.F.E. ACT	Bank LO’s
Licensed	Yes	No
FBI Background	Yes	No
Fingerprinted	Yes	No
Surety Bonded	Yes	No
20 hours upfront education	Yes	No
8 hours continuing education	Yes	No
Personal Credit checked	Yes	No
Federal and State testing	Yes	No
Complaint mechanism's	Yes	No
Licensing fees and renewals	Yes	No

I think the choice is clear. Who would YOU rather be working with on the largest financial transaction of your life? A fully trained, licensed, fingerprinted, and background checked Loan Officer - or the Loan Officer at the bank?

CHECK YOUR LOAN OFFICER OUT on the

Nationwide Mortgage Licensing System and Registry

http://www.nmlsconsumeraccess.org

If they are NOT on this list, be very cautious about using them.

My NMLS # is 274132

The funny part is the cost for the service based on rates and fees are usually about the same, if not slightly cheaper in both rate and costs. Plus non-bank lenders usually close the loans faster, and have more knowledgeable and experienced Loan Officers.

The best S.A.F.E. ACT Loan Officer (non-Bank) analogy I can use is having a choice of working with an experienced CPA to do your taxes vs. you using Turbo Tax to do it yourself, but paying the same price.

Finally, THIS IS A CLEAR REASON why people should follow my #1 mortgage shopping rule: GOOGLE THE NAME OF YOUR LOAN OFFICER before allowing them to handle the largest financial transaction of your life!

Here are FOUR SIMPLE QUESTIONS Your Lender Absolutely Must Be Able To Answer CORRECTLY. IF THEY DO NOT KNOW THE ANSWERS - RUN, DON'T WALK RUN TO A LENDER THAT DOES!

1) What are mortgage interest rates based on? (The only correct answer is Mortgage Backed Securities or Mortgage Bonds, NOT the 10-year Treasury Note. While the 10-year Treasury Note sometimes trends in the same direction as Mortgage Bonds, it is not unusual to see them move in completely opposite directions. DO NOT work with a lender who has their eyes on the wrong indicators.)

2) What is the next Economic Report or event that could cause interest rate movement? (A professional lender will have this at their fingertips. For an up-to-date calendar of weekly economic reports and events that may cause rates to fluctuate. (Click the green MMG Weekly banner to the right for my weekly market report)

3) When the Fed "changes rates", what does this mean and what impact does this have on mortgage interest rates? (The answer may surprise you. When the Fed makes a move, they are changing a rate called the "Fed Funds Rate". This is a very short-term rate that impacts credit cards, credit lines, auto loans and the like. Mortgage rates most often will actually move in the opposite direction as the Fed change, due to the dynamics within the financial markets. For more information and explanation, just give us a call)

4) What is happening in the market today and what do you see in the near future? (If a lender cannot explain how Mortgage Bonds and interest rates are moving at the present time, as well as what is coming up in the near future, you are talking with someone who is still reading last week's newspaper, and probably not a professional with whom to entrust your home mortgage financing.)

Be Smart... Ask Questions, and Get Answers!

Once you are satisfied that you are working with a top-quality professional mortgage advisor, here are the rules and secrets you must know to “shop” effectively.

First, IF IT SEEMS TOO GOOD TO BE TRUE, IT PROBABLY IS. But you didn’t really need us to tell you that, did you? Mortgage money and interest rates all come from the same places, and if something sounds really unbelievable, better ask a few more questions and find the hook. Is there a prepayment penalty? If the rate seems incredible, are there extra fees? What is the length of the lock-in? If fees are discounted, is it built into a higher interest rate?

If you talk with four lenders, and three all same about the same, and one is magically significantly better - you didn't stumble of a great deal. You stumbled on a crook!

YOU GET WHAT YOU PAY FOR. If you are looking for the cheapest deal out there, understand that you are placing a hugely important process into the hands of the lowest bidder. Would you ever want to travel in a car or airplane that had been built using the very cheapest materials, built by the very cheapest laborer? Probably not. Best case, expect very little advice, experience and personal service. Worst case, expect that you may not close at all. All too often, you don’t know until it’s too late that cheapest isn’t BEST. That being said – we are not the lowest quote you will see. Of course our rates and costs are very competitive, but we have also invested in the systems and team we need to ensure the top quality experience that you deserve. If you want the cheapest – head on out to the Internet, and we wish you good luck. But remember that this is the largest financial transaction most people will make in their lifetime, and that the cheapest rate on the wrong strategy can cost you thousands more in the long run.

MAKE CORRECT COMPARISONS. When looking at estimates, don’t simply look at the bottom line. You absolutely must compare lender fees to lender fees, as these are the only ones that the lender controls. And make sure lender fees are not “hidden” down amongst the title or state fees. A lender is responsible for quoting other fees involved with a mortgage loan, but since they are third party fees – they are often under-quoted up front by a lender to make their bottom line appear lower, since they know that many consumers are not educated to NOT simply look at the bottom line! APR? Easily manipulated as well, and worthless as a tool of comparison.

UNDERSTAND THAT INTEREST RATES AND CLOSING COSTS GO HAND IN HAND. This means that you can have any interest rate that you want – but you may pay more in costs if the rate is lower than the norm. On the other hand, you can pay discounted fees, reduced fees, or even no fees at all – but understand that this comes at the expense of a higher interest rate. Either of these balances might be right for you, or perhaps somewhere in between. It all depends on what your financial goals are. A professional lender will be able to offer the best advice and options in terms of the balance between interest rate and closing costs that correctly fits your personal goals.

UNDERSTAND THAT INTEREST RATES CAN CHANGE DAILY, EVEN HOURLY. This means that if you are comparing lender rates and fees – this is a moving target on an hourly basis. For example, if you have two lenders that you just can’t decide between and want a quote from each – you must get this quote at the exact same time on the exact same day with the exact same terms or it will not be an accurate comparison. You also must know the length of the lock you are looking for, since longer rate locks typically have slightly higher rates.

Again, our advice to you is to be smart. Ask questions. Get answers.

As you can imagine, we wouldn’t be encouraging you to shop around if we weren’t pretty confident that we feel that we can give you a great value and serve you the very best.

More than likely, this is one of the largest and most important financial transactions you will ever make. You might do this only four or five times in your entire life but we do this every single day. It's your home and your future. It's our profession and our passion. We're ready to work for your best interest. Thank you for giving us the opportunity.

^{Equal Housing Lender}	Policies, Procedures, Disclaimers	33 Wentworth Ave E - Suite 290 West Saint Paul, MN 55118	(651) 552-3681

Our services available only for properties located in Minnesota and Wisconsin. PLEASE DO NOT KEEP US A SECRET from your FRIENDS. Licensed as Mortgages Unlimited, Inc. As a Lenders One partner, we are part of the 3rd Largest Retail Mortgage Originators in the country. We are consistently ranked as one of the top mortgage lenders in Minnesota by Minneapolis St Paul Business Journal. Any use or duplication of any materials is strictly prohibited. All images, text, and materials Copyright © 1998-2010. Metzler Enterprises, LLC. All Rights Reserved.

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