In a competitive housing market like Los Angeles, it is essential to find the right mortgage broker in Los Angeles to work with.
In the past, homebuyers in the Los Angeles metropolitan area had to rely on big banks and the traditional lending process.
Today, there are more options out there, including the possibility to work with a local Los Angeles mortgage broker.
Shannon Christenot is a mortgage broker in LA with more than 20 years of experience.
Why work with Shannon? In this article, we will explore the benefits of choosing an independent mortgage broker and go over some ways in which Shannon can help you achieve your mortgage goals.
Where to Find Shannon
Below, you can see Shannon’s location in Los Angeles. She works with customers in LA and throughout California. Wherever you are located, consider dropping by or giving her a call at (818) 601-2231 to schedule your consultation.
What is a Mortgage Broker?
If you have never worked with a mortgage broker before, you may wonder what the difference is between a broker and a lender.
When you work with a direct lender, the lender is the one who is providing you with the financing to purchase a home. The lender can only match you with the products which they happen to offer.
A mortgage broker, on the other hand, is a company which partners with a network of lenders.
That means that the broker can connect you with many more products than would be possible through a direct lender.
Why Choose a Los Angeles Mortgage Broker Instead of a Direct Lender or Big Bank?
If you do not work with a mortgage broker in Los Angeles, it is up to you to figure out what lender will make you the best offer.
Tracking down the most competitive rates therefore means doing a great deal of research on your own time in order to try and save money.
It can also mean missing out on opportunities which you simply cannot find on your own.
With a mortgage broker on your side, it is the broker that does all that research on your behalf. Plus, lenders may offer referrals from that broker low rates which they are not advertising or offering to the general public.
There are other advantages to choosing a local mortgage broker over a nationwide big bank as well.
A Los Angeles mortgage broker usually knows the market better than a nationwide company.
An independent broker can also spend more time helping you, especially with individual situations which big banks simply are not prepared for.
This can be especially important in a city like Los Angeles since many LA residents have non-traditional income situations.
What Should You Look for in a Los Angeles Mortgage Broker?
Alas, not all mortgage brokers are equal. So, you should do some research on that broker you are thinking about using to make sure that they are going to be the right choice for you.
Following, you can read up on some important things to consider when you are choosing a mortgage broker in Los Angeles.
The first thing you should check for when you are researching a mortgage broker in LA is that broker’s licensing. The broker you choose should have licenses from NMLS and BRE, and should be authorized to work with customers in your state.
The next thing you should look for is how long that broker has been working in the industry. A broker with 20 years experience is going to be able to offer you more than one with five or 10 years of experience.
3. Local Knowledge
There is high demand for Los Angeles real estate. So, when you are shopping for a home, you want to be working with a broker that understands the obstacles and opportunities you may encounter. That way, your broker can help you to circumnavigate obstacles and seize opportunities.
4. A Large Network
A local LA mortgage broker which has been operating for a long time will have had a chance to build many great working relationships with lenders throughout the region.
An extensive network means more possibilities for you both in terms of product diversity and competitive rates.
5. Individualized Products and Process
As we already discussed briefly, one of the drawbacks of working with a large nationwide lender is a lack of attention to each individual customer.
With that lack of individual attention often comes a lack of individualized mortgage processes.
So, for example, if you have a non-traditional income, a big bank may not even know how to work with you for a home loan.
But a mortgage broker will take the time to work around obstacles and may already have alternative processes in place so that you can rapidly and easily apply for a mortgage.
Direct lenders are sometimes limited in the types of mortgages that they provide as well. But since a mortgage broker is connected to many different lenders, there should always be an individual product they can match you with to suit your needs.
When you schedule your consultation with a mortgage broker, you can ask if they have the products and expertise necessary to work with you given your individual scenario.
A local mortgage broker in Los Angeles is more likely to take the time to keep you up to date on the mortgage process than a big bank.
When you select a mortgage broker, ask what forms of communication they provide. When they have a question or want to give you an update, will they call you? Email you? Text you?
Ideally, you should pick a broker that will communicate using methods with which you are comfortable. That way, you will be less likely to miss important questions and updates and will also be less stressed during the mortgage process.
While you’re asking about communication options, you might also want to find out who you will be working with during the mortgage process. Will it be just one person, or will you be working with multiple team members?
Either can have a mixture of advantages and disadvantages, and your personal preference might also be relevant.
7. Customer Service
When selecting a mortgage broker, the frequency of updates is only one part of the customer service equation.
You also should pay attention to other aspects of customer service like the attitude of the mortgage expert you speak with during your consultation.
Does the loan expert seem friendly and enthusiastic about working with you? Are they knowledgeable and well-informed? Do they have the patience to answer all of your questions? And do they ask you useful questions of their own to ascertain your needs? If the answers to those questions is “yes,” you may have found the right broker.
It is important to think about not just the short-term, but also the long-term when you are choosing a mortgage broker in Los Angeles.
Find out not only what a mortgage broker is willing to do for you now, but also what they are willing to do for you over the lifetime of your loan.
What kind of service can you expect if you want to refinance your loan further down the road? If you have questions about your mortgage in the future, how quickly can you expect an answer?
The right mortgage broker in Los Angeles should look at you not just as their customer, but also as their neighbor, and be willing to help you out over the years ahead.
9. Pre-Approval and Fast Closing
Finally, moving fast is essential if you want to scoop up valuable property in one of Los Angeles’ high demand neighborhoods. Houses here do not stay on the market for long.
Choose a mortgage broker that can get you pre-qualified and pre-approved to enhance your bargaining power. Find out how fast the broker can close and when you can expect the entire process to be complete. The more rapid the mortgage processes, the less likely it is that you will miss an opportunity.
Shannon Christenot is Your Mortgage Broker in Los Angeles
As a local broker in LA, Shannon Christenot has been helping homebuyers and homeowners throughout the metropolitan area and beyond for over 20 years.
Over that time, she has amassed connections to many area lenders who offer aggressive rates and diverse funding options. She also can open the doors to cost-saving programs which big banks don’t offer.
Shannon is not deterred by obstacles and takes pride in being able to match every customer to an ideal loan, no matter the situation. She loves the diversity of LA and that of the customers who walk through her door.
Schedule a Consultation with Shannon Christenot Today
If you are ready to enjoy a fast, smooth, easy mortgage experience, Shannon Christenot, your mortgage broker Los Angeles, cannot wait to help you out. To schedule your consultation today, please give her a call at (818) 601-2231 or drop by her location on the map on this page.