Orlando Mortgage Blog

Thinking of refinancing or buying another home? Think the present lender you've made prompt payments to for so long will give you an inside edge on price and service too? After all, they have your file now, right? Read on.

Reality, in my experience over the last 3 decades (yes I know), is usually anything "but" that, fortunately for my business I'm happy to say. If you are looking for a new loan, you are actually in a new ball game:

• First - Price is easy to compare today and if you do, you will usually find your current lender, if they even do direct loans to the public, will be quoting a retail rate. Don't expect a present customer pricing "Edge".
• Second - Original customer files probably won't be accessible to your current lender since they are either in a storage room somewhere for 3 years or more, or the information is outdated now anyway. And most, but not all, loans or their servicing are sold within 90 days or less from being "booked". Who knows where the file is anyway. So you will be required to provide all new loan documentation in most cases (income, assets and so on) anyway no matter where you apply. 

So, does your present lender offer an advantage to you? The day of the neighborhood banker is long gone. Don't take my word...shop around! You can usually obtain better pricing by shopping around and the documentation you will be asked to produce is standard today for anyone you call. So, do yourself a favor and don't assume a current lender is the Easiest Way and Most Cost Effective Way to do your next loan. Actually check it out.

Add Orlando Mortgage Masters to your "must call" and "Favorite" list. You'll be very glad you did. Try us online now; it's so easy. You can do it all leisurely at your key board. Or, come on in if you like, we'd love to meet you.

Bill Wilbanks

www.OrlandoMortgageMasters.com