You need a lender who works with
you and your real estate agent as a team with the same goals.
We always strive to get your loan closed in
a timely and professional manner.
Some of the questions you should ask are:
- Are they a mortgage broker?
A mortgage broker is an intermediary between a
borrower and a lender. They originate loans but do not
actually lend the money. They submit the package to an
outside source that underwrites and funds the loan. Mortgage
brokers also help borrowers choose an appropriate loan and
assist them in the application process. A mortgage broker
offers the best opportunity to get your loan approved since
they can shop the loan and program to many different
lenders. They also offer the widest variety of loan
programs.
- Are they a mortgage banker/direct lender?
A mortgage banker is a lender who not only
originates their own loans but also underwrites, approves,
funds, and services them. A mortgage banker has their own
money to lend and therefore they have the most control over
the loan process.
- How long has the company been in business, and what is
their reputation within the community?
Lenders come and go. Make sure the company you are
dealing with has been around for a while, and that they have
a reputation you can put confidence in. Timberline Mortgage
has been in business since 2004, and is a member with the
Better Business Bureau, the Idaho Chamber of Commerce, the
I.A.M.B, and the N.A.M.B.
Advantages for using a Mortgage Broker
- Mortgage brokers have access to many lenders, as well as
to hundreds of loan programs. A broker thus provides the
most efficient way to obtain financing tailored to your
specific financial needs.
- Brokers serve as "police" by patrolling the component
transactions of your loan application for possible
breakdowns.
- There are literally thousands of variables which can
affect the outcome of your mortgage transaction. A
professional mortgage broker wades through mountains of rate
data and payment options, while researching current market
conditions to find the most accurate and up-to-date
information about cost-effective loan options. A mortgage
broker also acts as liaison between the title and escrow
company, real estate agent, lender, appraiser, credit
agency, the underwriters, the processors, attorneys, and any
other services which may effect your transaction.
- Brokers buy rates at wholesale and generally pass the
savings onto the borrower.
A Mortgage Broker also:
- Discusses and explains financing program options
- Informs you, in writing, of lock-in options
- Explains all documents of the loan application
- Explains all associated costs of the loan application
- Explains the disbursement of all loan applications
- Explains the loan process, from application to closing
- Provides you with a good faith estimate of cost and fees
- Communicates with you throughout the loan process in a timely manner
- Coordinates the final closing of your transaction
- Is your resource for questions or concerns after your transaction closes
- Is licensed and bonded with required continuing education