Remember that alarming phone call you received form your sister last month? She was in a frenzy because she was certain she and her husband had just signed their life away on a bad mortgage decision. They were victims of an adjustable rate mortgage ten years ago when they first got married, and they have been skittish ever since. And now, after refinancing to a lower rate they are certain they have made a mistake. She was talking about having 24 hours to back out of any contract in the state of Minnesota, she was regretting that they had faxed information instead of hand delivering it. She was panicked.
On your end of the conversation, you couldn’t quite figure out the problem. You and your husband fax things to your bank and your subprime mortgage lenders whenever needed. You are on a first name basis with the woman who has written your mortgage papers. You were able to refinance in 2012 when long-term mortgage rates fell as low as 3.31%. You know home loan essentials like keeping your entire monthly debt payments — including the mortgage … to no more than 36% of your gross monthly income. You have simply never felt the panic you heard in your sister’s voice. As a result, you probably were not as understanding as you should have been and the phone call did not end well.
The difference between your lending experience and your sister’s lending experience are exact opposites. While you have had the opportunity to work with a company you trusted to get you the lowest rate and the quickest mortgage approval possible, your sister had a totally different experience. Separated by just 400 miles and two state lines, you were able to work with a lender one on one to ensure that you got a financial solution tailored specifically to your home financing needs, while you sister was doubting every signature she made. While you were confident in your subprime mortgage lenders keeping all of your information secure and private, she was doubting the safety of a fax machine. While you were working with direct mortgage lenders who save local home owners money, your sister was panicked that her loan was being sold to another institution before the contract ink dried.
The rise of the U.S. mortgage market occurred between the year 1949 and the turn of the 21st century. As the number of homeowners in America increased, so has the competition among institutions offer enticing interest rates for home loans As a result, many have been caught in some pretty desperate situations. Your financial success, as well as your piece of mind rests in finding the right subprime mortgage lenders who offer the lowest rate no matter what your needs are. The best home loans are from home mortgage lenders who create lasting relationships with every client so they can continue providing excellent service for many years to come.