Banking has gone through a dynamic shift over the past several years. Economic issues, countless new consumer regulations and banks moving toward more advanced metric systems to evaluate credit have led to credit becoming more difficult to obtain. This can be especially confusing for consumers who are often asked for information they may have never had to provide in the past. Additional documentation and more requirements help to protect against some of the poor lending oversight that was experienced in the market previously.
This has been especially true in the home mortgage business which was rocked across the country with subprime lending and inconsistent products. Many salespeople raced to the mortgage business, setting up shops to sell loans to new homebuyers. As an affiliated FDIC institution Legacy Bank is regulated and held to high standards in reviewing, auditing and monitoring consumer compliance. Many times consumers can be lured by companies claiming great rates or products, only to get into a loan that is not right for them.
Banks are regulated against price gouging, have fair credit lending requirements and are mandated to disclose a variety of information. New legislation has started to require other mortgage companies to finally play by similar rules. Remember, when you sign your mortgage you may need help with your loan for the next 30 years, in some cases. Will the institution or the person who helps you be around to answer important questions after the papers are signed? Is there a trusted institution behind the person selling your loan? Just as in law, medicine and insurance, using a designated professional can save you a great deal of headache down the road.
Legacy Bank is committed to our clients and their legacy of success.
Information provided by Jeff Sullivan, mortgage banker, Legacy Bank, 515-967-4949.