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Brent Rasmussen, CMC, CRMS, CDLP, CVLS, CMA
Brent Rasmussen, CMC, CRMS, CDLP, CVLS, CMA
Combining vast mortgage experience, competitive drive & commitment to excellence, I pride myself on helping my clients evaluate their mortgage saving them time, money, & making the mortgage process simple & stress free
Published May 24, 2023
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First and foremost, buying a home and obtaining a mortgage is a significant financial decision, often involving substantial sums of money and long-term commitments. Whether it’s a mortgage company, credit union, bank, or somewhere else you can obtain financing for a mortgage,finding the right lendercan be a challenge. We believe that every lender you talk to should answer these 4 “p”s of lending – product, pricing, process, and people – allowing you to evaluate them and make the best choice for you and your family before you make the leap.
Evaluate Lenders With the 4 “P”s of Lending
Product
Before you start researching, it may seem like the product is complicated, but it actually can be pretty simple, as there really aren’t as many loan options as it may initially seem. What do the lenders you are in communication with have to offer? Generally, the type of loan you need can be narrowed down to a couple choices, and remember, just because you qualify for a loan doesn’t necessarily mean it’s the best fit for you.
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Pricing
We see that oftentimes, consumers call solely with questions about pricing. Is the lender in-line with their competition? What kind of interest rates, closing costs, and associated fees can I expect with the company? Keep in mind that lenders need to compete to be fair – if rates and closing costs are too high, no one will want to work with them. Additionally, some lenders may have a higher interest rate or closing cost than others, but a better process, product, and people could make up the difference.
Process
This “p” is all about how easy it is to go from start to finish in the loan process. Just like everything in life, some companies are easier to work with than others. Consider a lender who can complete your loan process with as few hurdles as possible while keeping in mind that the right process for you isn’t always the quickest.
Want to keep reading about The 4 "P"s of Lending? Head over to our website to read the rest of our blog!
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