Mortgage 2nd opinion saves homebuyers thousands
Every homebuyer is looking for an unbeatable deal, and the mortgage is a significant part of the package. Fortunately, today’s record-low interest rates offer a variety of affordable options.
But how do you know your lender is offering the best? Mortgage banker Jonathan Doddridge gives simple advice: get a second opinion. He recently encountered a homebuyer who wholeheartedly agrees.
A client of Dallas realtor Jeannie Nethery, the buyer was upsizing to a $1.1 million Preston Hollow estate and planned to put 25 percent down. He had an existing relationship with a small bank that pledged a 15-year Jumbo Loan at 4.5 percent.
Eleven days prior to the purchase contract, the bank suddenly reneged and was unable to deliver either the promised product or rate. The loan officer attempted to clean up his mess by proposing a 1-year ARM at 6 percent as a “bridge” loan, which could be refinanced after the buyer sold his original home.
Needless to say, Nethery was not pleased. She took her client to Ascent Financial Services and requested a (very speedy) second opinion.
Doddridge immediately assessed the buyer’s stated goals and needs. They agreed upon and locked a Jumbo 5-year loan with no points at 4.625 percent. His quick, strategic calculation saved the buyer approximately $8100 in origination fees and $900 per month in reduced interest costs. The loan closed on time despite the short interval (which also included the 4th of July holiday). Undeniably, the situation worked out well and the second opinion proved incredibly valuable.
Of course Doddridge knows that not every outcome is as outstanding. Nevertheless, he reminds homebuyers that “It never hurts to find out what the guy down the street has to offer in terms of product, loan structure and rates. Getting a second opinion will either validate that you don’t want to change lenders or motivate you to make the switch.”
Doddridge adds, “Always ask how your loan officer gets paid. Many receive commission, which can definitely alter their products and prices.” He also points out that lenders have different strengths and weaknesses, emphasizing the importance of finding a lender whose strengths meet your needs.
For a free consultation contact Jonathan Doddridge of Ascent Financial Services at (214) 353-7701 or visit ascentfs.com. Also contact Jeannie Nethery for expert real estate assistance.
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