Why trusting a smart phone to close your mortgage is anything but smart.

rockets

So if you weren’t living under a rock, I assume that you watched at least a portion of Super Bowl 50. The game itself might not have been that impressive, but I did see some funny commercials. One in particular comes to mind, it was Rocket Mortgage from Quicken Loans. The commercial made it seem that it would be hassle free and easy to obtain a mortgage with their “push button get mortgage,” phrase. The voice actor states “you can get a mortgage on your phone, and if it could be that easy, wouldn’t more people buy homes?” I’ll be the first one to tell you, these ideas are the types of things that can cause a housing collapse. You know people thought loans that didn’t require borrowers to show proof of their income or assets were a good idea too, but that didn’t work out so well now did it? So now with Rocket Mortgage, Quicken claims that you can obtain an “8-minute mortgage.” I am not the only one that thinks this is encouraging another housing crash, check out this article by Time Magazine. The article highlights different tweets from people criticizing the company for “encouraging another sub-prime crisis.” Here is another article, this time by Yahoo! that drills Quicken for their ad. It’s amazing to think the same company that the United States filed a lawsuit against (find the Department of Justice Press Release here) for improperly originating FHA Insured loans is the same company trying to make an “8-minute mortgage.”

Here is a good analogy for you, and I know this first hand. Every year around tax time you see all these commercials for these online tax programs where you can do it yourself. At first, I thought that this was a great idea until I realized how much money I was losing by not utilizing an accountant. Quicker is not necessarily better, cheaper is not always better and obtaining a mortgage on a phone app…well that’s just ludicrous. There is a reason accountants are in business, because they can help you, they understand your situation and they try to minimize your overall tax burden.

Listen, here is what you need to know and it may not be what you want to hear. Obtaining a mortgage is not “easy,” and it shouldn’t be. Buying a home is a lot different than shopping for a pair of shoes or buying music online, that comparison is ridiculous. A home is a huge financial commitment and it requires having a team of local professionals who have your back. Having the right team working for you can result in a easy transaction. The importance of working with someone local is vital. It is important to work with local Realtors, loan officers, insurance agents, title companies and so on. These are the people that live in the communities that you’re buying in, they know the ins and outs of the communities and can help guide you in the right direction. When talking to a loan officer, you need someone who is going to understand what your financials are, help establish your goals, help overcome potential roadblocks, help you prepare when submitting an offer and many other important factors involving your home purchase. You will not receive this type of hands on treatment from your smart phone or a call center located halfway across the country. Local professionals have a personal commitment to make sure you’re happy and are taken care of. We will see you from time to time in the local stores, local sporting events and throughout the community. We are welcoming you to our community and we want the best experience for you and your family.

Now I can’t promise you and “8-minute mortgage,” but I can sure assure you a pleasant experience that you won’t forget. I can assure you that I will help you determine what will be the best loan program for you and your family. I can assure you that I can put you in contact with some of the top realtors in my area to help you find that dream home. I can assure you that from start to finish you will know the progress on your loan. Finally, I can assure you that you’ll be so happy with my service and loan program that you will refer me your family, friends and coworkers. If you are looking for an “8-minute mortgage,” I can confidently tell you that I am not your guy. If you’re looking for the best program possible to ensure your family’s financial success, then look no further, I can make this a reality.

I have a custom mobile app and you can click here to download my app. This was made specifically to give you housing market updates, mortgage calculations, a home search and other valuable resources. It is NOT intended to close your loan in 8 minutes 🙂

For more online resources visit my website by clicking here, or fill out the form below and I can add you to my email list.

Be on the lookout for my new blog next Monday.

P.S. Remember, that from time rockets do explode. #RocketsExplode

-Ed

 

 

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