Advice for buyers searching for a reputable lender.
A personal experience of mine… I was part of a deal, where the buyer was with US Bank and made it over 3 weeks into the deal. At that point US Bank dropped the ball several times and everything they told the buyers “they could do” …THEY COULD NOT!!!
The big banks tend to sell you and tell you everything you want to hear but then don’t deliver. These big banks assign you to “loan officers” that do not have a TX state license and are paid hourly. Most of the loan officers are under the umbrella of a supervising mortgage broker license of the bank to perform the loan process. One of my closest friends worked for JP Morgan Chase as a “loan officer” with no license. Most of these loan officers do not have the experience to get a deal done without dropping the ball several times. This will lead to their supervisor stepping in to correct their mistakes resulting in an extended closing to 45 days plus or the deal dies in the “big bank grave yard”. For example: the loan officer and processor @ US bank did not ask for certain docs or information usually needed the first week as a standard procedure in processing a loan. They did not start asking for these particular docs until the 3rd week. Fortunately, the buyers finally switched the file to one of my preferred lenders, Ellie Gann @ Gold Financial, who was able to get the buyers a better loan product, lower interest rate and was able to close the deal within 2 weeks of taking over from US Bank!
These types of big bank practices are common and unacceptable. If you want a timely closing with no issues; big bank loans are not the path to take.
I have past experience in mortgage loan processing with a local broker which has given me insight into what most Realtors are lacking. 8 out of 10 deals with big banks, in my experience, cause delays, headaches/stress and an outright bad experience! I have been part of and witnessed several deals that went south when put in Wells Fargo’s hands. Many of my clients have used Wells Fargo in the past and stated they will NEVER do that again😂 BofA is one of the worst in my opinion with Wells Fargo and Chase as a close 2nd! I wanted to reiterate & advise; it would benefit you greatly to shop your loan with a preferred nationally recognized lender and avoid these kinds of big bank pitfalls. I really want your home buying experience to be as stress free as possible😊
You can access both of my preferred lenders on my website. They are tried, tested and trusted! I hope this information helps in your decision making on a lender!
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