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SHOPPING...PART TWO
Once you are satisfied that you are working with a top-quality professional mortgage advisor, here are the rules and secrets you must know to "shop" effectively.
•1. If it seems too good to be true, it probably is. But you didn't really need us to tell you that, did you? Mortgage money and interest rates all come from the same places, and if something sounds really unbelievable, better ask a few more questions and find the hook. Is there a prepayment penalty? If the rate seems incredible, are there extra fees? What is the length of the lock-in? If fees are discounted, is it built into a higher interest rate?
•2. You get what you pay for. If you are looking for the cheapest deal out there, understand that you are placing a hugely important process into the hands of the lowest bidder. Best case, expect very little advice, experience, and personal service. Worst case, expect that you may not close at all. All too often, you don't know until it's too late that cheapest isn't best. Most importantly, remember that the cheapest rate on the wrong strategy can cost you thousands more in the long run.
•3. Make Correct Comparisons. When looking at estimates, don't simply look at the bottom line. You absolutely must compare lender fees to lender fees, as these are the only ones that the lender controls. Make sure lender fees are not "hidden" down amongst the title or state fees. A lender is responsible for quoting other fees involved with a mortgage loan, but since they are third party fees, they are often under-quoted up front by a lender to make their bottom line appear lower, since they know that many consumers are not educated to NOT look simply at the bottom line. APR? Easily manipulated as well, and worthless as a tool of comparison.
•4. Understand that interest rates and closing costs go hand in hand. This means that you can have any interest rate you want- but you may pay more in costs if the rate is lower than the norm. On the other hand, you can pay discounted fees, reduced fees, or even no fees at all- but understand that this comes at the expense of a higher interest rate. Either of these balances might be right for you, or perhaps somewhere in between. A professional lender will be able to offer the best advice and options in terms of balance between interest rate and closing costs that correctly fits your personal needs.
•5. Understand that rates can change daily, even hourly. This means that if you are comparing lender rates and fees, this is a moving target on an hourly basis. For example, if you have two lenders that you just can't decide between and want a quote from each- you must get this quote at the exact same time on the exact same day with the exact same terms or it will not be an accurate comparison. You also must know the length of the lock you are looking for, since longer rate locks typically have slightly higher rates.
Again, our advice to you is to be smart. Ask questions. Get answers.
As you can imagine, we wouldn't be encouraging you to shop around if we confident that we feel that we can give you a great value and serve you the very best.
Please call us with any further questions you may have at this time- we are ready to work for best interest!
-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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