Portland Mortgage Broker

I found this interesting article on The Street entitled, “What to know if your mortgage lender goes belly up”. The basic premise is that if your mortgage lender stops originating loans like over 180 already have since January 2007, you will lose everything you’ve already put into the deal. This could be appraisal fees, credit fees, application fees, etc. and not to mention the possibility that it could cost you your house if the deal is a purchase transaction.

This is yet another reason it’s so important to work with a knowledgable broker who has access to many different banks - if one goes out of business, he or she can simply take the loan to another bank. If you went to Washington Mutual for example, and they made it halfway through your transaction before they stopped originating loans, you would have to literally start over from the ground up at another bank.

Please read the linked article, and feel free to post any comments or questions. Or, give me a call if you want to ask me something directly.