Louisville Home Buyers need to consider their mortgage options carefully and not just the obvious things like interest rates, closing costs, and mortgage products. They need to consider where their mortgage loan officer is located. Are they local, or do you have to dial a 1-800 number with a 5-digit extension to reach them? Do they know the local real estate customs? Are they famous for over-promising & under-performing? Can they hit a deadline?
They also need to make sure that their loan officer actually knows his or her way around the housing transaction. The very best place to verify that your loan officer possesses this often-overlooked but absolutely critical skill is through your real estate agent. Your real estate agent, if he or she is truly in business, completes dozens of real estate transactions each year. Therefore, your real estate agent knows which loan officers are great at what they do, and which ones aren't.
A couple of generalities that are very often true:
1. The bigger the lending institution, the smaller the priority of the borrower's loan. Let's face it, large banks have hundreds, if not thousands, of loans just like yours in process at all times. They aren't interested in going the extra mile to make sure your loan or your transaction is serviced at a very high level. Many large lending instutions take on the attitude that the loan will close when they're darn well pleased to close it...not when the buyer needs to close based on her real estate contract, and certainly without paying any sort of attention to the seller's needs. This sort of attitude leads to many headaches at crunch time when the contract deadline is running short and the buyers & sellers are each trying to make moving plans. Talk about stress!
2. Just because you bank there doesn't usually mean squat when it comes to mortgage lending. I've heard it a thousand times: "We bank at XYZ Bank, and the tellers there are SO NICE...they're just SO CARING, and they always ask me when I go in to deposit my checks if we could use a loan." NOOOOOO! RUN! Do not base your mortgage lending decisions on where you have your checking account or how nice the bank teller is. I firmly believe one of the only reasons some of the large banks even have mortgage business is because most people keep their money in banks, and eventually these people have to visit the bank in order to access their money. This is no reason to give anyone your mortgage business.
3. Out of town lenders are an absolute NIGHTMARE. This one goes hand in hand with #2. Many times people will want to get their mortgage through their bank, so they end up going online or calling a 1-800 number to speak with a loan consultant who, it turns out, is in a cubicle 500 miles away. I don't care how good of a banking customer you've been told you are, you are a number when it comes to the big banks. And even if you are a "preferred customer" of a large banking institution, whatever you do, ask your real estate agent for a LOCAL contact at your bank. On another note, internet lenders like Lending Tree & Quicken Loans sell home loan leads like yourself to lenders all over the country who are licensed to originate mortgages in Kentucky. Not all the time, but quite a few times, that means you'll be handed to some kid hundreds of miles away who is an aggressive salesperson, not necessarily a wealth of lending knowledge hoping to help you uncover your best lending scenario. I'm a fan of the internet and its influence on marketing for sure, but I would also say it's always best to go local when it comes to mortgage shopping.
So...who should you talk to about a mortgage in the Louisville area? In no particular order, here's my current Top 5 Mortgage professionals located in Louisville, Kentucky:
Mortgage Loan Originator, VP
Fifth Third Mortgage
Phone (502) 548-4777
Fax (502) 301-8580
NMLS # 439573
293 N Hubbards Lane
Louisville, Ky 40207
BB&T Home Mortgage
Apply Online: www.bbt.com/bdaniel
Statewide Mortgage Group
Senior Mortgage Advisor
800-390-5525 x 2049 (Toll Free)
NMLS #: 20084
Century Mortgage Company
9931 Corporate Campus Drive, Suite 1000
Louisville, KY 40223
Cell: (502) 693-5132
Fax: (502) 7534708
Buying? Selling? Investing in Louisville real estate? Contact The Thomas Group of Keller Williams Realty Louisville East today.