Mortgage Customer Service
There’s a saying that gets repeated often: buying a house is the biggest purchase you’ll ever make in your life. The same is true if you’re buying your first home in Philadelphia or upgrading to a bigger property. In light of this fact, you’d expect to be treated well during the process as you’re taking out a loan for a large sum of money. But oftentimes bankers haven’t gotten this message and don’t give you personalized service or pay attention to the details that are important to you. Instead of dealing with less-than-stellar treatment, make a connection with a Philadelphia mortgage company and get treated with respect from start to finish.
One of the more common complaints against banks is a lack of prompt communication and sometimes no communication. It’s as if you don’t exist and your application got tossed into a black hole. Updates are scarce and no one seems to answer the phone or return voicemails when you’re looking for information. It’s aggravating and has the potential to derail your home purchase. Don’t accept this kind of treatment. Make an appointment with a Philadelphia mortgage company to discuss your mortgage needs with a professional who keeps you updated every step of the way.
Asking for a loan of any kind is a nail-biting experience. You’re seeking the approval of a lender who judges your creditworthiness against their standards. The lender is looking for your ability to repay the loan and it’s something that takes time. A loan officer at a bank has to oversee this process, but may have a heavy workload and not have enough time in the day to keep you updated. Or he simply doesn’t have the motivation to do the job. The exact opposite is true of a Philadelphia mortgage broker. A mortgage broker wants to see you get the mortgage and puts in the effort to contact you with news of the status of the loan. No leaving you in limbo while you wait on the decision of the lender.
Deadlines Are Always Met
Deadlines are a part of the mortgage process and not meeting them can invoke financial penalties or even the sale of the home altogether. If you’re working with a bank lender who is disinterested in making sure your deadlines are met, you’re going to lose money that you can’t recover easily. Once you go under contract to buy a home, you have to abide by the terms of that contract in order to go into escrow and close. And the terms of the contract typically lay out actions you have to take by a certain date to get to escrow.
Mortgage brokers do one thing only: broker mortgages. A broker is intimate with the contract process, the conditions of the contract, and what actions need to be taken to satisfy those conditions. In turn, the broker is on top of the actions that need to be taken and get them done by their deadlines. Brokers want you to get the home and are going to work hard to make sure all the vital deadlines are met so you can get to the closing date without incurring penalties.
Don’t Deal With Being Ignored
Traditional mortgage providers don’t have to work hard to get your business because people view banks as a place to get a mortgage. It makes them less motivated to treat customers right because it’s not hard to generate numbers and hit targets. The end result is that you don’t get the attention you need in a timely manner or find out if your mortgage application has been put into the system for approval. A Philadelphia mortgage company has a vested interest in making sure your mortgage application is processed and your concerns are addressed. Ignoring you is a surefire way for a mortgage broker to lose business and it’s not in their interest to do so. You’ll get the personal attention you need and avoid the stress of not knowing what’s going on.