Shopping Around?
Here's the inside scoop on how to do it right!
First: Make sure you are working with a professional loan officer. The largest financial transaction of your life is far too important to place in the hands of someone who is not capable of advising you properly and troubleshooting the issues that may arise along the way. But how can you tell?
Here are FOUR SIMPLE QUESTIONS YOUR LENDER ABSOLUTELY MUST BE ABLE TO ANSWER CORRECTLY. IF THEY DO NOT KNOW THE ANSWERS... RUN... DON'T WALK... RUN... TO A LENDER THAT DOES!
Question #1 What are mortgage interest rates based on? (The only correct answer is Mortgage Backed Securities or Mortgage Bonds, NOT the 10-Year Treasury Note. While the 10year Treasury Note sometimes trends in the same direction as Mortgage Bonds, it is not unusual to see them move in completely opposite directions. (DO NOT work with a lender who has their eyes on the wrong indicators.)
Question #2 What is the next Economic Report or event that could cause interest rate movement? A professional lender will have this information at their fingertips.
Question #3 When Bernanke and the Fed "change rates", what does this mean... and what impact does this have on mortgage interest rates? ( The answer may surprise you, When the Fed makes a move, they can change a rate called the "Fed Funds Rate" or "Discount Rate". These are both very short-term rates that impact credit cards, Home Equity credit lines, auto loans and the like. On the day of the Fed move, Mortgage rates most often will actually move in the opposite direction as the Fed change. This is due to the dynamics within the financial markets in response to inflation. For more information and explanation, feel free to call me.
Question #4 Do you have access to live, real time, mortgage bond quotes? (If a lender cannot explain how Mortgage Bonds and interest rates are moving in real time and warn you in advance of a costly intra-day price change, you are talking with someone who is still reading yesterday's newspaper and probably not a professional with whom to entrust your home mortgage financing. Would you work with a stockbroker who is only able to grab yesterday's paper to tell you how a stock traded yesterday, but had no idea what the movement looks like at the present time and what market conditions could cause changes in the near future? No way!)
Be smart... Ask questions... Get answers!
More than likely, this is one of the largest and most important financial transactions you will ever make. You might do this only four or five times in your entire life... but we do it every single day. It's your home and your future. It's our profession and our passion. We're ready to work for your best interest.
I wanted to share my excitement with everyone in the fact that after 2.5 months being in AR, I've reached 10k in points. When I joined my ultimate goal was to surpass the top LO in Iowa, what I didn't even consider at the time was the absolute value I've recieved being on here. Not only has it given me a place to express myself in numerous ways, but more importantly the exchange of ideas and best practices has been huge. I love, I love I love being able to talk and read blogs of others in the undustry and see whats working and what isn't, because of AR my business has changed forever. Thank you to all of you!
-Over 10 years of mortgage lending experience -Expert in FHA loans -Mortgage Banker -Everything done at one location from start to finish -Dedicated staff to make the loan process seamless
As a Des Moines Mortgage lender, I am truly passionate about my profession, and the result is that nearly 100% of my business is by referral from satisfied clients, trusted financial advisors and the most experienced realtors in Des Moines, and throughout Iowa. My mission is to carefully guide you through the entire home loan process, so that you feel confident as you make choices about the many options available for your financing strategy. With many years and a wide range of experience in the mortgage industry, my dedicated team stands ready to assist each and every step of the way.
I understand that it's not just a house, it's your home.
Your home is one of the largest financial commitments that you will make during your life, and many people view that as meaning just another monthly payment.
I can help you realize that your home is truly a valuable financial tool, and will help you achieve the dreams and plans they envision for your future.
You only think about home financing a few times during your life ~ I think about it every single day. It's your home and your future. It's my profession and my passion. I'm ready to work for your best interest.
Luke first started in the mortgage industry 10 years ago. After several years in a bank environment, Luke determined that his real passion was helping people buy and refinance homes so he decided to work exclusively in real estate finance. As a Senior Mortgage Banker for Heartland Mortgage Group, Luke believes that quality customer service is the key to achieving a great loan experience. Outside of the mortgage industry, Luke has been married to his wife Emily for 10 years and has a three year old daughter named Allison and an infant son, Owen. Luke is involved with his church Point of Grace and his passions are music , singing, the Iowa Hawkeyes and the Chicago Cubs. You can also find Luke on his company website: www.hmg1.com and you can hear him weekly on Saturdays at noon on Moving Iowa on 98.3 WOW FM, and Thursdays at 7pm and Sundays at 4pm on Praise 940 AM.
Above: JC Walker of Iowa Realty and Jessyca Densley
My Experience with Heartland Mortgage was great. Luke Landis was wonderful to work with. He explained the whole process in a way that was easy for me to understand. He is very personable with his clients and always returns calls and emails in a timely manner. He even went above and beyond and worked on my loan on his own time late at night. He treated me like a friend. It was a very enjoyable experience and a lot less streessful than any other loan experience I've had. I would highly recommend Luke to all of my family, friends, and co-workers.
-Jessyca Densley Baxter, IA
Above: Sue Randleman of Iowa Realty and James Munson and Holly Cerwick
Going though Luke Landis for buying our first house was an exceptional experience. He did all the work for us in a very timely and professional manner and we would recommend him to anyone!
-James Munson & Holly Cerwick Des Moines, IA
Casey Shultz, Urbandale, Ia.
Luke Landis was absolutely wonderful to work with. He made the whole loan process easy by making sure I understood everything about my home loan. At one point, there was an issue with the seller and Luke solved it without me having to worry. Not only would I use Luke and Heartland Mortgage again, but also I plan on recommending him to all my family and friends.
Jamie Allen, Prairie City, Ia.
Luke Landis was my mortgage professional and i'm so glad I worked with him. He was knowledgeable, friendly and always returned my phone calls in a timely matter. He anticipated potential problems and when I got to the closing table, I was pleasantly surprised in how much I had to bring to closing. It was much less then I expected. I will send everyone I know to Luke and Heartland Mortgage. Thank you Luke and Heartland Mortgage.
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