Borrowers Trust The Mark Baker Team because…
Direct Lender. We area a Direct Lender. We control our own Loan documents, Funding, and Underwriting decisions. This allows us to keep our time deadlines the larger Lenders cannot when the challenges come up. In this environment the biggest challenge most large Lenders have is closing the loan transaction on time. We rarely miss a closing date as a result of our delay.
Competitive Rates and Fees. As a direct Lender we are able to eliminate many of the unnecessary “broker fees”. This assures you the confidence of knowing that someone is not going to play the “bait and switch game” on you.
Ability to broker loans out. One of the largest disadvantages of being one of the country’s largest Lenders can be loan guideline restrictions. While keeping a loan “in house”, we maintain some of the most competitive rates and fees in the marketplace. That being said, there are many times when a loan just does not “fit in the box”. This is when we must be creative and come up with alternative solutions for clients that will still enable them to successfully obtain a mortgage loan. We maintain the additional contacts that allow us to do many “out of the box” loans that most Lenders do not have access to.
Our relationship & reputation in the local Real Estate arena. Our team has a reputation of communication & a closing record that is unmatched by other Lenders. Most Listing Agents know who Mark Baker is & have worked with our team in the past. Knowing that the transaction is “real” and they will have a successful closing for their client is more important sometimes than getting an extra thousand dollars for the Seller. If the Listing Agent has multiple offers and one of the offers shows an approval letter with our team, your chances of getting your offer accepted do go up.
Why does my Realtor refer and encourage so adamantly me to use the Mark A Baker team?
The answer is simple. The Realtor you have chosen to work with has likely had more than one bad experience with another Lender. The Realtor’s referral is a direct reflection of their business that reflects the future of not only your business, but your future referrals. They must be able to refer someone that can give the same service or better than they do, be able to close the deal so they get paid their commission, and know that at the end of the day the client is going to have had the best home buying experience possible. Referral business is really the life blood of your Real Estate Agent’s business.
Additionally, many Real Estate companies and Builders have a financial agreement with a Loan Originator or a Loan company where they are paid a fee for the referral of the mortgage loan. In other words, they refer and adamantly encourage, or give incentives to the client to work with specific Lender so they can get paid. We don’t participate in these agreements. Our agreement with our Referral partners is simple… Refer us your clients and we will do all we can to make sure your client has the best mortgage loan experience we can offer and the Realtor will be able to close the transaction so they can get paid their due commission. It is really that simple.
Why can some Lender’s not lend on Investor flipped properties but you can?
Loaning against “Investor flipped properties” is an added layer of risk in the Mortgage Lending business. The Federal Housing Administration feels so strongly about this risk they have a specific federal guideline prohibiting these loan transactions making them ineligible for FHA insurance. (There is a temporary waiver for FHA loans in effect through 2014 to allow these loans because of the state of the national housing market.) With the amount of fraudulent mortgage loan/real estate transactions at an all-time high in the United States, flipped transactions invite the risk more than any other variable in the Real Estate business today. This risk is so high that most of the nation’s largest Lender has a policy that they will not do loans on any property that was sold by a Seller within 90 days of the Seller acquiring the property. That being said, our team has sought out relationships with Lender’s that will lend on Flipped Properties for all types of mortgage loans because this is such a large part of our local market activity. Additionally you will find our rates and fees are very competitive compared to other Lenders able to lend on these transactions.
How can you do a loan that another Lender cannot?
We have many products and less Investor overlays that other Lenders do not have. Things such as higher grade of Mortgage Insurance, HomePath loan products, FHA loans that do not require appliances, etc. One of the biggest challenges in the loan business today is helping others “see around the corner” so they are not surprised with loan conditions or turned down for a loan when they thought there was no problem. With the number of loan transactions that we have been involved with, we have seen most of the possible hiccups that can happen. While we still continue to learn more every day with additional challenges, the sheer number of loan scenarios allows us to say we can or we cannot do a loan based on history, not theory.
Shopping Around – How do I pick the best Lender?
Many Borrowers make their decision on what Lender to do based on an Interest rate quote. There are thousands of stories where the Lender quoted one rate and then all the sudden the rate changed when it came time to make loan application, or the fees all of a sudden went up thousands of dollars. There are no repercussions for the Loan Originators that play the bait and switch game, in fact many Lenders actually do this so they can “earn your business” by comparing the rate and fees with other Lenders. Keep in mind that when you get any type of paperwork from a Loan Originator, they are going to do all they can to show you why you should use them verses another, including shaving fees that they know will show up on the final Settlement Statement.
More than likely, this is one of the largest and most important financial transactions you will ever make. Most people who buy a home only apply for a mortgage 5-9 times in their entire life…but we do this every day. If this were a lawsuit would you go to WalMart to get an attorney to represent you or would you seek the most competent individual you could find that would put you in the best position to win? Buying a home is a legal binding contract with financial consequences if you do not perform. Please make your decision wisely whether you choose the Mark A. Baker Team or someone else.
To make a decision on the Loan Originator you should use you might want to ask:
What determines Interest Rate movement? The only answer to this question is “Mortgage Backed Securities” or “Mortgage Bonds”. Most Loan Originators think it is the 10 year Treasury note & that could not be further from the truth.
If the FED changes rates at the next meeting, what does the mean for mortgage interest rates? The Fed only determines the “FED Funds Rate” or the “Discount Rate”. These are both very short-term rates used by Banks to lend/borrow money for overnight transactions with other Banks, depository institutions, or the Federal Reserve. These rates can impact credit cards, credit lines, some auto loans, etc., but mortgage loan rates normally will actually move in the opposite direction of the FED change due to the dynamics of the financial markets. In other words, if the FED says they just lowered the rate, more than 50% of the time you will see Mortgage rates go higher at the same time.
What is happening in the market today and where do you see rates moving? Do you want to work with someone that is an “order taker”, or someone that lives this business every day? Make sure you are working with someone that has access to Mortgage Backed Securities in real time & you can ask them what the current trend is. Would you deal with a Stock Broker that is quoting you prices from yesterday’s newspaper and had no idea what market conditions could change your decisions?
Are you a Licensed Loan Originator with the State? Many of the large banks have hired Loan Originators that do not have to be licensed. Ask yourself why?
Does this Loan Originator get paid a salary even if my loan does not close? Do you want to work with someone that gets paid regardless, or with someone that gets $0 if you do not get your home?
Do the people that will be working with me to process the loan get paid by the Loan Originator, or are they corporate employees? Again, if your loan does not close, does it really matter to them?
How long has the Loan Originator been originating loans? Mark Baker has been originating for 12 years. He has been ranked as the #1 Loan Originator in the state of Nevada and has been ranked in the #30 Loan Originator in the United States for loans closed in a calendar year.
Why do you say “The Mortgage Expert”?
Mark Baker has been deemed by the State of Nevada, Department of Mortgage Lending Division to be a “Mortgage Expert” in the State of Nevada. This designation was issued in 2011 after an audit from of our team’s office facility, a sampling of loans closed, an interview by the State Auditor, and written testimonial from top industry experts in the Residential Mortgage Industry recognizing Mark Baker as one of the foremost experts and mentors in the country.