Occasionally, the sales staff in our 55+ communities get questions like this. Maybe you’re wondering were the best place to get a loan is.
There are a lot of options out there, and seniors have more options than ever.
The competitive landscape is only growing. It seems that a simple internet search can connect you to loans from all over the country.
Who do you trust? Is the lowest rate really the best?
Financing for 55+
Let’s cut to the chase.
Does Leisure Villas have in-house financing? We have considered offering this before. For many reasons, it could make the buying process a lot easier.
For instance, wouldn’t it be nice if you had a simple one stop shopping experience for buying your new home? You wouldn’t need to worry about coordinating banks and builders with your title agents. It would all be done in one place by those who know what and when to do everything.
But alas, we do not offer this service. There are several reasons which we won’t discuss here. However, just because we don’t offer this service, doesn’t mean that we can’t help steer you in the right direction.
Where should I get my loan?
There are lots of companies offering lots of loans. It can get a little confusing. Advertisements are always touting “no fees” or “lowest rates” but maybe fees. Then do you do something over the internet with someone you’ll never meet, or do you go into a local bank or credit union, or even a stand-a-lone mortgage broker?
There’s just so many options, and while they may all offer something similar, I can guarantee that they are not all created equal.
Most of the time, when we look for a loan, we end up going with a particular agent for one of two reasons.
They had the lowest advertised rate.
We know the agent.
These aren’t bad reasons to go with a particular agent or broker. But there are other things to consider.
Who should do my loan?
Just as there are good builders and not so good builders, there are good agents and not so good agents. With all the options available to you as a 55+ buyer, you might find that your normal agent isn’t able to handle your loan as well as they claim they can.
This is because most loan officers deal with regular single-family homes with younger families. Sometimes it takes an agent with a little more experience to know how to navigate your purchase.
Why is yours different?
For one, you might be considering a reverse mortgage. Even self-proclaimed reverse mortgage specialists can often fall short on being able to deliver.
Another problem is that many agents don’t keep on top of things as well as they should, and can cause delays as the closing date gets near.
Try our recommendations.
We’ve been around a long time and have been working with local loan agents from just about every bank and credit union around. We like to work with reliable agents just like you do.
While we won’t tell you who you must use, we do have a couple of lenders that we can recommend. They have had a history of performing well for us and our clients. After all, a good track record speaks for itself.
Come visit us today and while you’re asking about our options, take a second to inquire about some of the loan agents that we’ve enjoyed working with. We’ll be happy to help you in any way we can.