Another crazy week in the mortgage business. This week, one of the nations largest wholesale mortgage lenders – Taylor, Bean & Whitaker was effectively shut down by the government and as a result thousands of borrowers are now scrambling to try to find financing.
There is quite a bit of finger pointing as to whether or not the shut-down was done properly (or even should have happened at all) but to all of the people who were about to move into a home and are now back trying to find financing, I am sure that whether or not it should have happened doesn’t really matter too much to them.
Have A Backup Plan
One of the most important things that you can do when getting a loan is to have a backup plan. Backup plan as in a “backup lender” who will be able to do your loan should the lender that you are working with suddenly be unable to fund your loan for whatever reason.
Most loan officers will know how many lenders will be able to do your loan – and it may surprise you how many loans I see getting done where there is only one lender that does that type of loan. For example, if you are financing your home with a jumbo loan, it may be that there is only one lender available who does that type of loan – and if something should happen you may be left without being able to get financing on the same terms – or at all.
So when getting a mortgage in today’s market, be sure that you have a backup plan.
More Information on Taylor Bean & Whitaker:
Arizona Mortgage Rates for August 7 2009
{ 1 comment }
Great job Justin,
In this economy, it is always best to have a good backup plan that will keep you afloat until this recession turns around. I’m glad that I did that several years ago myself.
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