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Reasons Why You Should Stick to the Mortgage Lender in MA?

Do you know the risks involved in changing a mortgage lender? It can delay your loan process and the closing date. Changing lenders can significantly hit the closing cost as well. Read this presentation to know why you should stick to the mortgage lender in MA throughout the process.

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Reasons Why You Should Stick to the Mortgage Lender in MA?

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  1. Introduction ● Dealing with mortgage lenders isn’t easy. There may be situations of disagreement between you and the mortgage lender. It may happen there can be differences related to loan terms, your lender is delaying for the closing date, etc. You can switch your mortgage lender; however, it is a tedious process and can be risky at times. ● In this presentation, there are a few of the reasons listed as to why you should stick to the best mortgage lenders in MA. 2

  2. ❖ ❖ #1 Changing Lenders Could Delay Your Timing Changing mortgage lenders involves the documentation process. It may cause a delay in the loan ● process and affect your closing date. • Due to this, the person selling the house may have some issues and refuse to sell the house. Or the seller may add an extra fee for delaying in the home-buying process. • Switching the loans can change your selling and buying dates.

  3. ❖ ❖ #2 Interest Rates Could Rise • Think before you plan to shift to another lender who is offering a lower interest rate. The interest rate is always changing and keep varying randomly. • It is good to lock the rates down. Meaning, the interest rate won’t change between the offer and closing date. • It protects you if the mortgage rate rises or puts you in a loss if it falls below the locked rates. 4

  4. ❖ ❖ #3 Closing Costs Could Be High • Closing cost involves a list of charges that you have to pay. The charges include attorney’s fees, mailing fees, credit check fees, and advance payments for homeowner’s insurance and property taxes. • If you keep changing the lender, the closing cost will increase. The cost of buying a home if risen by 1% and 2% it can charge you thousands of extra dollars. • To have a lower interest rate is beneficial. However, the closing cost will then be an added financial burden. 4

  5. ❖ ❖ Conclusion ● You might have made up your decision about changing your mortgage lender. So, before you finalize it, check for the pros and cons associated. You have to analyze the gains and losses involved in changing the mortgage lenders. If you are looking to get a mortgage loan for your new home, Drew Mortgage Associate will help you with the loan application. It is one of the reliable mortgage lenders in MA who will help with the pre-qualification process to closings. 4

  6. DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/ Peabody Mortgage Lenders 1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080 Boston Mortgage Lenders 232 Commercial St Boston, MA 02109 Phone: (617) 523-3060 10

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