How does the mortgage process start with Seckel?
When you're ready to learn more about getting a mortgage with us, you can get in touch with one of our friendly and knowledgeable loan officers by calling (888) 546-2814. We usually start the conversation by asking you about your goals, dreams, and what you would love to accomplish. However, if this isn't your first rodeo, you can skip straight to our online mortgage application.
Are you a mortgage broker or a direct mortgage lender?
We're a direct mortgage lender. This means that we make all the decisions regarding your application right here in our building. Unlike mortgage brokers, who usually get their loans from direct lenders like us, we have complete control over our borrowers' mortgage application. This allows us to serve you faster and with fewer hold-ups.
Do you fund your own loans?
Yes. And, because we fund all of our own loans, we're able to ensure that all wires are processed the day before closing, so that you're never stuck at the closing table without your funds. The deal isn't done until the money arrives, so we send it the day before it's due.
What happens after closing?
In the mortgage industry, lenders like us typically sell the loans that they sign with customers to loan servicers or large banks. This allows them to have more money on hand, which they use to give loans to new customers.
At Seckel, we typically sell our loans one to two weeks after signing them. We only sell to loan servicers who offer convenient online payments, 24-hour customer service, and bi-weekly payments for the customers who want them. Even after selling your loan, we're always willing to assist with any questions you may have.
Why should we do business with you, and not a big bank?
In recent years, businesses like ours have gained popularity as customers have learned that we can offer better rates and better service. During the mortgage application process, our loan officers are available to you any time you need them and work tirelessly to get you a great rate as quickly as possible. After closing, your mortgage will have the backing of a large institution with 24/7 customer service and online banking. With us, you get the best of both worlds.
Why are your mortgage rates lower than the big banks' mortgage rates?
Simply put, overhead! Big banks seek to earn a large profit margin (typically about 50% higher than our margin) on every loan, and because of that, they can't match the combination of low rates and personalized service that we provide.
Do you have in-house processing and underwriting?
Absolutely. Our decision makers typically work together in the same office space, and you receive the best service possible because of it.
Who is John Seckel, and why is he in the mortgage business?
John Seckel started his career at a major bank, where he became the youngest vice president in the company's investment banking business. He had two terrible experiences buying his first home, and later, his first family home with his then-fiancee (now wife). It fueled him to create a better, cheaper, and more efficient way to finance what is usually the largest purchase in a person's life: their home. Read more about John on our About page.
Should I pick a fixed-rate mortgage or a variable-rate mortgage?
For most of our clients, we recommend a fixed-rate loan. While most people only stay in their homes between five and seven years (hence the standard five- and seven-year adjustable-rate mortgage [ARM] products), we feel as though you should be able to afford your home at the 30-year fixed rate, at a minimum. We only recommend the five- and seven-year ARM products for the most finance-savvy individuals and those who, without a doubt, will be in their home for less than five years.
When is my first payment due, and who do I pay?
When in doubt, please call us or your loan originator directly. With few exceptions, your first payment will be due to a new servicer on the first of the month in the second month of the mortgage. For example, if you close on January 15th, your first payment will be due on March 1st (not February 1st, because that would be the "first first of the month"). If you close on September 20th, your first payment will be due on November 1st. This is due for both refinances and purchases.
How much can I afford to pay for a home, and what will my payments be?
We've built this mortgage calculator to help you decide.