If I could pass along just one crucial piece of information that I have learned since I began working in the Real Estate Industry, it would be NOT TO WALK INTO YOUR BANK TO GET A MORTGAGE OR TO REFINANCE YOUR HOME!stopsign

When friends and family talk about walking into the bank they have their checking account in to apply for a mortgage, I cringe and want to stand up and yell, “No!  Don’t do it!”  You may be wondering what the big deal is and why I am getting all dramatic here.  Well, let me ask you a question, “Would you walk into your primary care physician and ask them to help you take care of a toothache?”  No, you would go to a dentist.  Just as there are specialists for healthcare, there are specialists for financing.  While you may have a relationship with this bank and they can technically get you a loan, these banks are not your best option.  I know this advice seems counter-intuitive, but here’s why:

  • You are not a human being going through a life change; you are just another unit or statistic. They don’t care if you have to re-schedule your mover or don’t make it to closing on time.  Because of this, there is not urgency for them to get you answers and to move through the process in a timely manner.
  • Communication is inefficient. You are always being passed to another department to get your questions answered.  If something happens over the weekend or after hours, you are stuck calling an 800 number and going through an automated system.
  • They wear many hats at the bank they work at, whereas a mortgage broker only focuses on mortgages and refinancing. They are specialized.

We see deals fall apart because of big bank policies, procedures, and lack of flexibility.  Closings are postponed and you put yourself at risk for losing the house you are buying, paying fees for the delay of settlement, etc.  And when these things do happen, nobody takes responsibility or ownership for the issue because it’s always someone else’s problem or another department’s fault.  Furthermore, working with these institutions causes added stress and inconvenience, to what should otherwise be an enjoyable process.

To conclude, there is a reason that your Real Estate Agent has a recommended list of lenders.  These are lenders your Agent has seen in action and knows will get you to closing on time.  They have a proven track record in their field.  You don’t have to use one of them, but you hire your Real Estate Agent for their expertise, so they may be on to something here…

Contact the DHT today if you are thinking about purchasing a home or refinancing.  We are happy to recommend lenders we know and trust to take good care of you.


Facebook Share Blog Post Twitter Share Blog Post Linked In Share Blog Post Google Plus Share Blog Post