Stories by Ben Chenault on Medium Stories by Ben Chenault on Medium
Why That Awesome Loan Program Isn’t Awesome
by Ben Chenault on November 21, 2019 at 4:54 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 […]
Is it Better to Get a Home Equity Loan or...
by Ben Chenault on November 11, 2019 at 3:58 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 […]
When Should I Consider Refinancing?
by Ben Chenault on November 4, 2019 at 8:11 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 Your Mortgage Loan Officer a Sales Person or a...
by Ben Chenault on October 28, 2019 at 6:00 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 […]
I Had a Lender Check my Credit, and Now my Phone...
by Ben Chenault on October 21, 2019 at 2:22 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 […]
Why You Never Hear from Your Loan Officer After...
by Ben Chenault on October 14, 2019 at 1:48 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 […]
Why Loans Get Sold
by Ben Chenault on October 7, 2019 at 2:23 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 […]
Is My Realtor in Cahoots with that Lender?
by Ben Chenault on September 30, 2019 at 4:14 pm
So you’re wondering why your realtor is so adamant that you call a certain lender. That’s got you thinking, Is there some kind of under-the-table deal working here? Why are they pushing so hard that I call this specific lender?An under-the-table deal is illegal. That’s not […]
Local vs. Big Box Lenders
by Ben Chenault on September 23, 2019 at 3:00 pm
What’s the difference between a local lender and a big box lender? A lot, actually.Local lenders have local knowledge.Local lenders understand the local rules and customs — how things are done — in that market. That’s important to ensure a smooth […]
What’s Wrong with Online Lenders?
by Ben Chenault on September 16, 2019 at 3:05 pm
You pay your bills online, bank online, order anything you need for your house or yourself online, and get all of your entertainment online. But you still can’t shop for a mortgage online.The limitations of internet toolsIf you’ve read my posts on internet home search engines […]