My New Blog

Why you should work with mortgage brokers

April 24th, 2024 3:05 PM by Sam Kader MLO130505

The most important factor when buying a house is closing the loan and not getting the lowest possible rate. As your loan originators (LO), we should be viewed as professional who rendered services for a fee. We should be judged by how effectively we can provide services, the fee we charge for our services and guarantees or other assurances and not necessarily who provides the lowest rates.

1. Since Dodd-Frank Act in July 2010 - we are required to pass state and federal test, criminal background check and yearly continuing education. We must comply with the Real Estate Settlement Procedures Act, the Truth in Lending Act, the Home Ownership & Equity Protection Act, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, the Gramm-Leach-Bliley Act, the Federal Trade Commission Act, and the Fair Lending and Fair Housing Laws (amongst others). Loan Originators with national banks are not required to comply. Who would you choose to be your Loan Originator?

2. Pacific Coast Financial LLC is locally owned and operated in Seattle, WA and we are member of our local community. We can close in 30 days or less unlike national banks. Never work with an internet lender that you will never meet since any problem is easier to resolve when you can see someone face to face.

3. We internally Pre-Underwrite our own files ensuring quick conditional loan approval from our lender with minimum conditions. Per RCW 19.146.0201 (1),(2)(7) - we will only issue a Pre-Approval upon reviewing client's credit, employment, assets, obtain Automatic Underwriting Approval (AUS) and property type. In a seller's market in Seattle, our Pre-Approval will inspire confident in the seller and the listing agent.

4. We strongly believe that our loan process should be transparent to all parties involved. We will inform you and your clients every step of the loan process with email broadcast of Loan Status Update.

5. Variety of loan options. Unlike national banks - we offer products from a variety of lenders that fits you. While national banks match products to you. Here are some of our approved investors - Flagstar bank, Plaza Home Mortgage, Carrington Mortgage, United Wholesale Mortgage, PRMG, Provident Funding, PennyMac and others.

6. We coordinate with insurers, appraisers, and realtors, saving you time and money. We will do whatever it takes so that everyone and every organization will do so promptly and timely without error.

7. Not limited to banker hours. Most realtors and home buyers work at night and weekends. Try calling your bank LO on Saturday or Sunday or after 5:00 PM on weekdays. Don't even attempt to go with online lenders. Problems will arise and working with an experienced local mortgage broker, I will focus on solutions expeditiously.

8. We guarantee that the broker's fee will not exceed as agreed upon and that lender's fee shown on Loan Estimate (LE) will not be changed as long as the transaction is not changed, and all third-party charges will be passed along with no indirect markup. We will provide rate-lock commitment upon locking.

9. Personal loan service as unique as you. Shop for our rates here and let me assist with your journey. We listen carefully and extract information early during the process to formulate applicable and sound advise. We know what our lenders are looking for loan approval and we will act on your best interest in dealing with the lender and third parties.

10. We will attend signing if feasible for source of comfort on novice borrowers.

Our goal is getting all parties to the closing table on time with minimal issues and surprises. The place for a borrower to get a mortgage is at a mortgage broker. Please watch this short video presentation!

Posted in:why you should work with a mortgage broker and tagged: mortgage rates why you should work with a mortgage broker

Posted by Sam Kader MLO130505 on April 24th, 2024 3:05 PM

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