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The best way to explain why a mortgage professional is always better than a banker is to use an anecdote. My parents lived in the house I grew up in for 35 years Willie McGee Cardinals Jersey , so it was finally time to move. They found a home they liked, made an offer, and signed a purchase agreement. After conferring with me, they decided to go to a bank ? one of the more well-known mortgage banks in the region. Of course, I thought a good mortgage professional would be better Bob Gibson Cardinals Jersey , and I told them I could follow the deal from start to finish, if they went with a company I previously worked for, but the bank they decided on offered a little better rate and lower fees, so they wanted to go with them.


I told them to go ahead, but I was nervous Stan Musial Cardinals Jersey , knowing what I know about large banks, ones that are not wholesale lenders, who work with mortgage professionals. After many trips to the bank (remember, bank loan officers don't come to you) that included plenty of hassles over paperwork, they agreed on a loan for their new home. The next step was to sell their house Ozzie Smith Cardinals Jersey , so they could use the proceeds for a down payment and moving expenses. My parents had over $60,000 in equity and wanted to put a good chunk down on their new house and use the rest for expenses.


Since time was against them ? they had 30 days to pay off the seller of their new home, and they didn't have an immediate offer on their current residence ? they decided to apply for a bridge loan (more on bridge loans later). This would take the equity from their current home and use it to pay off their mortgage, leaving them enough money for the down payment on their new house. When they sold their old home, they would use that money to pay off the bridge loan. Here is where things got very dicey.


Their new lender offered 85 percent of the value of their home for the bridge loan. So Keith Hernandez Youth Jersey , if the home appraised for $100,000, they would get $85,000. They assumed the value would be there. The bank sent an appraiser on a drive-by, which means my parents weren't notified Orlando Cepeda Youth Jersey , and the appraiser did not go in the house. He then wrote up the value for the bank's loan underwriter. Drive-by appraisals almost always come in lower than the home's actual value.


Now one of the three or four loan officers my parents were dealing with called and told them the value they would use for the loan, and it turned out to be about $10,000 less than they expected. This meant they would not have the money they hoped for, and they would now have to put less money down on their new home. This would, of course Chris Carpenter Youth Jersey , lead to other problems ? like a higher monthly mortgage payment and less money for moving expenses. They were, to say the least, devastated.


Being the proactive person that I am, I decided to intervene and call their bank. I spoke with one of the many loan officers (you see, you don't have just one person handling you at a bank; you're just another loan number). I had Vince Coleman Youth Jersey , of course, already done my own research and learned that the value of my parents? house should be much higher. I asked the loan officer to explain how they came to this very low value. She fumbled through her answer and told me they use comparable sales prices in the area and that they don't do a drive-by appraisal.


She said I would have to talk to someone in their equity department, because she didn't know what other options there were. I was somewhat surprised at her lack of intimate knowledge with the bank's policies, but I certainly wasn't shocked. This is the nature of home loan operations at a bank ? one person passes the responsibility to another and only in rare instances does one department really know what the other is doing. You'll never have this problem with a good mortgage professional.


After being channeled through another receptionist at the same branch office, I wound up speaking to an underwriter in the equity department. She told me that a drive-by was Mark McGwire Youth Jersey , in fact, done. I explained to her as I had the other woman why the value was inaccurate. (I had very accurate comparable sales prices from different resources, given to me by one of the area's best appraisers.)


I asked the equity underwriter if my parents could have a complete interior appraisal done to give a true value, and she said this was an acceptable option. In the end, my parents got the value they needed Whitey Herzog Youth Jersey , and things worked out just fine. They needed a quality mortgage professional, though, to get it done.


Individuals turn to Yahoo search engine to find a pulse oximeter for themselves Health Articles | January 31, 2011
Yahoo has been one of the leading search engines in the entire world. Many individuals turn to their search engine in order to find products that they have been seeking for many years. One of the prod...


Yahoo has been one of the leading search engines in the entire world. Many individuals turn to their search engine in order to find products that they have been seeking for many years. One of the products that has become very popular on Yahoo is actually a pulse oximeter. A pulse oximeter is a health and medical device that is used by individuals with varying degrees of health to monitor their pulse rate as well as their oxygen levels. There are millions of people around the world that have turned to this particular device and its use keeps on growing. The reason for its success is actually due to the fact that it serves such an important function for individuals but it is extremely easy to use and cost effective as well. The reason why it is so easy to use is because it really takes two steps to get your pulse rate and oxygen level readings. You simply insert your finger inside the device and then within seconds you will get a calculation of your holesale Soccer Jerseys Free Shipping[/url] Wholesale MLB Sports Jerseys Wholesale Adidas NHL Jerseys Cheap Jerseys Cheap NCAA Jerseys Cheap Nike NBA Jerseys Cheap College Soccer Jerseys