Buying a home, whether for the very first time or not, is an exciting time. At Suncadia, we know how important it is for members of our community to purchase a Cle Elum vacation property they will love for years to come, one that fits their lifestyle and that they are happy to come home to weekend after weekend. That’s why we have partnered with some of the best home builders, architects and lenders in Washington. Here, we chat with David Angrove, branch manager at Advisory Lending Group.
About the Advisory Lending Group
The Advisory Lending Group is a division of American Pacific Mortgage Corporation, a west coast-based mortgage banker that consistently closes $8-$9 billion in loans, annually. We provide all traditional financing (Conv/FHA/VA/USDA) with an emphasis on jumbo lending and custom construction loans, which are vital for Suncadia.
Three Decades Worth of Experience
I have been in the mortgage banking industry since 1985 and have been working with Suncadia homeowners since late 2007. In that time, I have had the opportunity to work on behalf of approximately 125 Suncadia families.
Four Must-Ask Questions for Mortgage Lenders
I welcome my clients to ask critical questions, after all, they are about to take on (in most cases) the most significant debt of their lives. Some of the key questions, every client should ask a mortgage lender are:
What type of loan program is best for me/us?
It is critical for a lender to not fit the client into what the lender perceives as the loan best for the client but rather, the lender needs to gather enough information from the client before recommending a specific type of loan. The client should not be hesitant to have the lender explain the pros and cons of their recommendations.
Are you and your company able to make the final lending decision in-house?
This is a critical component of lending; is the mortgage advisor and its company the ultimate decision maker for this loan or is there another ‘layer’ or entity that gives the final decision. Having the ability to give that all important YES to financing, separates a mortgage banker from most mortgage brokers, who do not have the ability to give the final decision.
What are your closing costs and do you charge a loan fee or points?
Every client has the right to receive a loan estimate once they have made formal application for the specific loan program they have selected that suits their individual needs. The mortgage advisor should be able to show a loan program with and without loan fee and/or points so that the client can compare the corresponding interest rates and make an informed decision about which option to select for their needs.
Can you meet the financing timeline of my purchase and sale agreement?
Often, clients can be swayed by ‘chasing’ the rate, especially from online companies, but then find out that the lender they selected cannot accomplish the most important aspect of any transaction: close on time. Choosing a local lender with knowledge of the area, who assess third party vendors that are involved in the loan functions (title, escrow, appraisal management companies), and are able to make the final underwriting decision and funding (closing of the loan) are just as important as receiving a competitive interest rate. Not closing on time per the Purchase and Sale Agreement deadline could result in the client not realizing their dream home.
Lofty Goals
My goal for my clients is to always ensure great communication during the loan process, always closing on time, providing more than one loan program/product that gives my clients options that suit their individual financial needs, offer competitive rates and most importantly, represent their interests throughout the loan process.
Detailed Loan Analysis
One of the things I offer to my clients that I believe many other lenders or companies do not, is a detailed loan analysis for their individual lending needs, whether it be a purchase or refinance. This proprietary analysis provides my clients a side-by-side comparison of two or three specific loan programs/products that we have targeted based on in-depth conversation and their individual finances. This allows the client to make the most informed decision that best suits a specific financial goal.
Always Available
This industry is not and should not be based on a 9-5 work day. I believe on being available for my clients via phone, email or in person as they need me, regardless of the day of the week. I think this separates me from the traditional ‘big box’ banks/credit unions. I never view a client calling after hours or during the weekend as anything other than, they have a concern, question or need clarification on their financing options.
Want to learn more about our featured lenders at the Advisory Lending Group? Contact David Angrove at dangrove@advisorylendinggroup.com.