Speed- dating & Mortgage Companies
What sounds more uncomfortable? Speed dating or Meeting with a mortgage lender?
Imagine getting to speed-date your future mortgage company. Funny image, huh?
You enter a tacky little restaurant with tiny tables covered in red and white checkered table cloths all lined up in a row with two seats at each table. There’s a line of representatives from 15 mortgage companies and… YOU. Sounds like a nightmare, right? Now you get 2 minutes to ask them questions and then, in turn you will be grilled by them. Ready. Set. Go!
What would you ask? Would you even know where to begin or would you stutter along, hoping to be saved by the bell.
We all have a pretty good idea of what they want to know about you. Every 2 minutes would be the same inquiry on their parts. “What’s your credit score? How long have you been employed with your current employer? What’s your debt to income ratio? Have you ever filed bankruptcy, been foreclosed on, been late on a car payment, how many credit cards do you have, and what’s your mother’s maiden name?… Suddenly the room is spinning, your palms are sweaty, tiny spots begin dancing in your peripherals and you’re squirming in your seat. See, a lot like speed dating indeed, and worse yet, these folks are going to ask you the most (sometimes intrusive and personal) questions ever, making you doubt yourself, your income and savings account and basically make you think you aren’t good enough to get a loan for your new home.
It’s intimidating. It can make you feel vulnerable, anxious and stressed… and most people don’t want to think about it, but there are certain things to look for in a lender and our friends at Ridge Lending Group have helped me out by putting together this list of important issues to address in your search for a mortgage company.
At Ridge Lending Group in Portland, Oregon, their main focus and strongest skill-set are their attention to detail. Extensive knowledge and experience set them apart from other lenders. They take pride in being the best and offering services and financing the “Big Boys” don’t. They actually WANT to close loans…With Ridge Lending Group you can rest assured that you are being taken care of as a person, with individual needs and special considerations. One size fits all is not what Ridge Lending Group is all about. They will be with you before, during and up until the end, making sure you are educated and make the right decisions for you and your family during a stressful time.
Asking the right questions is key:
- Are you going to treat me like a person or just another number?
- Are you going to work with me to make this happen or give up at the first sign of adversity?
- How will I be treated once the loan is funded? Are you there for me for the duration or do I just become another liability?
- How committed are you to helping me get this home loan?
- I’ve worked hard, I have scrimped and saved and finally found the perfect house for me, how are you going to help make this process go smoothly?
- Are you going to “pre-qualify” me so I can begin looking and then deny me later down the line once I’ve made an offer on a place?
- What are the best interest rates you can offer me?
- What kind of down payment do I need to have to get me into this house? Is there any way around having this huge down payment that I can’t afford right now?
- What is a “point” and how does this affect my loan?
- What kind of documentation do you need now and then once we are ready to fund? Will I need to be scrambling at the end to prove my income?
- How can I estimate what my closing costs will be? Is there a formula I can use?
- What’s the difference between a fixed rate and adjustable rate mortgage? Can you help me decide what’s best for me?
- This house is everything to me…what might possibly come up to delay or possibly threaten to deny my final approval?
Ridge Lending Group
10220 SW Greenburg Road, Suite 140
Portland, OR 97223
Toll Free 855.74.RIDGE (74343)