Shopping for a mortgage on the internet seems like a natural thing to do. After all, we do everything on the web from Amazon to YouTube. However when buying a home the right mortgage banker isn’t a website.
In our “I can do it myself” world we don’t want to be told what to do. We can find everything we need on the web. There is, however, one problem – algorithms can’t figure out which mortgage is best for us.
You’ve been taught to do it the wrong way by marketing gurus. It’s their job to sell you and they’ve sold you on shopping for rates and that websites are easy. These flawed concepts can hurt you badly.
Let’s take shopping for rates. How can one bank be so much higher or lower than another when they get their money from the same source? Rates fluctuate so if Bank A quotes a rate at 10 am and Bank B at 3:15 pm it’s no wonder there’s a difference. And what fees are included in the rate they’re quoting you?
Shopping for rates is a waste of your time. Comparing bank fees is not. Think about this too: Today’s interest rate doesn’t matter. The rate you get can be months away when you lock in your mortgage.
The right banker is not a website. Sitting down with a mortgage professional from a FDIC direct lender is best. He or she will take the time to listen to you, understand your needs and give you several different options. They’ll also teach you the mortgage process.
The bottom line is that while the internet has information, when buying a home the right mortgage banker is essential. That banker will give you the guidance and knowledge you need to make the best decisions. No website can do that.
If you want the names of some great mortgage bankers, just let me know.