Stories by Ben Chenault on Medium Stories by Ben Chenault on Medium

  • Tricks Lenders Use to Get You in the Door
    by Ben Chenault on December 9, 2019 at 3:41 pm

    Many lenders will use sleight of hand or tricky marketing to get people in the door. Once you’re in, their goal is to make that loan seem as attractive as possible so that you’ll sign on the dotted line as soon as possible.Underestimating FeesSometimes lenders underestimate certain fees […]

  • I’ve Graduated College and I Have a Real Job,...
    by Ben Chenault on December 2, 2019 at 3:51 pm

    So you’re a recent college graduate with your first “real” job. You may be wondering if you will qualify for a loan yet. How much employment history do you need?Well, there is no hard and fast rule, but typically lenders like to have a two-year history of employment.Your Time […]

  • Refinancing to a Lower Rate May Be a Bad Idea
    by Ben Chenault on November 25, 2019 at 4:07 pm

    Getting a lower interest rate is always a good idea, right? So if interest rates drop below what you currently have for your mortgage, it’s time to refinance, isn’t it?Nope. Refinancing is always a function of time, and your costs should never outweigh your benefits.Transaction […]

  • Why Loans Get Sold
    by Ben Chenault on November 22, 2019 at 9:32 pm

    So your mortgage was sold? Relax — it’s a very common occurrence and doesn’t mean the previous company thought it was a bad loan. The primary reason that servicing companies sell loans is to boost their liquidity. It has nothing to do with the loan being […]

  • Why You Never Hear from Your Loan Officer After...
    by Ben Chenault on November 22, 2019 at 9:31 pm

    When most people close on a loan, they will never hear from that loan officer ever again. It’s really quite sad. They’ll go through a 30-day process with somebody who knows all of the intimate details of all their finances, but they will never hear from them the day […]

  • I Had a Lender Check my Credit, and Now my Phone...
    by Ben Chenault on November 22, 2019 at 9:30 pm

    Did you know that credit agencies sell your information? They will sell your name and address to other vendors — anything from mortgage lenders to moving companies.To make matters worse, there are several online lenders who are actually in the business of selling your information […]

  • Is Your Mortgage Loan Officer a Sales Person or a...
    by Ben Chenault on November 22, 2019 at 9:29 pm

    Many loan officers are in the business of selling as many loans as they can, to whomever they can, in whatever manner they can. Commissions can be high and people can be upsold — and that can bring the wrong people into the equation.The unfortunate result is that “loan […]

  • When Should I Consider Refinancing?
    by Ben Chenault on November 22, 2019 at 9:28 pm

    People always seem to start talking about refinancing their home when interest rates drop. If you have a lot of debt in addition to your mortgage, and rates for refinancing go lower than the interest on your current debts, it makes sense to ask the question whether now is a good time.But just […]

  • Is it Better to Get a Home Equity Loan or...
    by Ben Chenault on November 22, 2019 at 9:25 pm

    It depends on the interest rate on your current mortgage, how long you plan on being in your house, and what you plan to do with the money.How Much Money Do You Need?There’s no sense in spending a few thousand dollars on a “cash out” (refinance) just to get a few […]

  • Why That Awesome Loan Program Isn’t Awesome
    by Ben Chenault on November 22, 2019 at 9:25 pm

    Many lenders try to make loan programs look super appealing, when in the long term they’re a nightmare. In the short term they look so good: they advertise a low down payment option or a really low interest rate. But eventually, the other shoe is going to drop.Over the long term, these […]