If you are either looking to purchase a house, whether for your first time or you’ve bought a house before or if you are looking to refinance, where do you go and who do you work with?
If you go to a credit union, did you know that the time it takes to get financing is upwards of 2 months. If you go to Bank of America or Wells Fargo or another bank, your waiting period is realistically two months as well. I had a phone call on Monday of this week from a title company telling me that a real estate agent had a buyer that he was hoping to help but couldn’t because Bank of America sat on the file for 4 to 5 weeks before even looking at the paper work. Wow, Then the guy ended up backing out of the transaction and lost his earnest money because it was too late. This is non-sense. So many people think mortgages are hard to get. Well, they can be if you have a tough situation and also if you work with an inexperienced loan officer and if you are going through an institution or lender that is methodically slow.
I have a lot of friends at banks & credit unions. They are all great guys and we are friends. But the problem lies with their systems and how they work when it comes to doing residential loans, they are typically slower and they are limited on the product choices.
Ben Gerritsen has been funding loans for 9 years as a residential loan officer. The team of people that he works with are experts in mortgage lending business. Their team knows how to decipher if a deal is doable or not. If it is, which lender to get it done with and getting the best terms from the lenders that will fund the loan.