Why We’re Better At Mortgages Than Big Chicago Banks

Why We Need Your Mortgage Paperwork To Be Right
January 16, 2015
The Home Loan Expert
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January 19, 2015

Chicago Neon SignWe get the question ALL THE TIME. Why should we go with you, when we can go to Big Important Chicagoland Bank for our loan? Well, there are a lot of reasons why we are great at this, and big banks do it poorly. I’ll go through a few reasons here, to help you understand how you can get a faster, better home mortgage loan from us.

Our first reason is that there are so many people involved in the process. At a big bank, you’ll meet someone when you walk in (if you have an appointment) and may never see them face-to-face again until the closing. It can be extremely frustrating to try to contact a loan officer that may be working on 30 other loans at the same time, and can’t give you the time to answer your questions. We meet face to face with every loan applicant, and are the KINGS of follow-up. I mean, right now, we’re going through all of our FHA Loans since 2011 to see if the new, lower PMI rate will get them a better rate. Big banks aren’t bothering with that, but we want to make sure that our clients have the lowest rates possible.

Big banks are too big to make individual loan decisions on individual borrowers. What I mean by that is that banks put people into categories. If you make “X” and have “Y” in debt, you can get “Z” for a mortgage. This is because the banks don’t make the time to meet with individual applicants to find the little things that can lower their interest rates. Like Heather said earlier this week, we have you bring in ALL of your paperwork, so that we can customize your loan and get you the lowest possible interest rate on your mortgage, whether it’s a refinance or a new home loan.

The Big banks also are VERY slow to react to market trends. I should know, I used to work for one. When I saw trends develop, I would make recommendations, and they wouldn’t make changes until the trends had changed again. The more people involved in a decision, the longer it takes to make a change. As a smaller company, we react so much faster to marketing conditions. I walk into Ryan’s office, and if he hasn’t already seen it, we make changes.

Bank policies also may be less familiar with the markets that they’re working in. They will move employees around in a way that helps their bottom line, but leaves loan officers in unfamiliar areas. This can lead to the loans being filled with conditions that aren’t necessary to the loan, as the officer may not know all of the different regulations to closing a loan in that area. That’s why we offer loans in areas that we are familiar. We are licensed in MO, IL, IN, WI, and IA, and know the ins-and-outs of every area that we work in. You’ll never get an over-conditioned loan from The Home Loan Expert.

Call us today in Chicago at (773) 770-4727 and visit www.thehomeloanexpert.com/newlook/chicago to apply online today for a new home mortgage loan. Whether you’re looking for a refinance or a new home, we make it easy to get the best interest rate.