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Is Your Mortgage Professional Really a Professional?

In today's ever changing market it is extremely important that buyer's and realtors work with a MORTGAGE PROFESSIONAL! I can't begin to tell you how many times I get a disgruntled client on the phone who has been through numerous originators who call themselves professionals. This post is not to bash those of us who are out there working and really making sure our clients have the best service possible. However, it is to give those who are looking to build new relationships and buyer's looking to purchase a home or investment a few tips, so here they are:

1. Ask questions! Professionals don't get irritated with questions, they want you to feel as comfortable with the process on the front end, so they have less too worry about at the closing.

2. Get to know your loan officer.

3. Find out when their office hours are. I know this may sound simple, however, would you frequent your local store if you didn't know what time they opened and closed. I also hear horror stories about Loan Officer's who can never be reached.

4. Take the time to understand your GFE (Good Faith Estimate). Ask the questions. If you can't get answers about this important form, God Help You!

5. Work with people you like and trust!

For more information on available loan programs and Featured Properties in the Chicago Market visit: www.ceceliaknowsmortgages.com

Cecelia Marlow - Senior Mortgage Consultant - PanAmerican Mortgage,LLC

Posted by Cecelia Marlow on 02/13/2008 01:16 AM

Comments (8)

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8 Comments on Is Your Mortgage Professional Really a Professional?

Hi Cecelia: Your point number 4... Take the time to understand your GFE ( Good Faith Estimate). You would not believe how many buyers I have talked to who have told me they have been "pre-qualified"... and when I ask them about their Good Faith Estimate... they have no clue what I am talking about. I start to explain it, and I am told they did not get one. There are a lot of "loan hustlers" out there. Good luck to you !

02/13/2008 01:40 AM

by Fort Worth Real Estate - - - Karen Anne Stone (RE/MAX Trinity)

Cecelia thanks for the reminder to contact a friend about his mortgage. He has signed a sales agreement and is ready to go as soon as his mortgage is in place. So why, in today's slow times, didn't the broker call him back on Monday? And the client had to call him again on Tuesday! Unfortunately, he chose this broker. I am ready to refer him to a 'professional' today if he doesn't have his GFE.

02/13/2008 04:03 AM

by Tara Colquitt, Consumer Credit Advocate (The Credit Depot)

It is so true, anybody can be a loan officer. But go with one that is going to call you and help you after the deal is done.

02/13/2008 05:38 AM

by Russ Ravary - Michigan Homes for sale - Michigan Real estate & Mortgage info (Remerica Hometown One)

Great post Cecelia,

It amazes me everyday when I meet a new client and you think they are shopping for a pair of shoes vs. most folks most expensive asset.

To many folks get SOLD vs buying a mortgage they need. Well at least the last year cleaned a bunch of this up

Happy Selling!

Tony Grego - Indiana Mortgage Broker

02/13/2008 06:21 AM

by Tony Grego with Paramount Mortgage Funding

These are some good suggestions- good way to look at the all too important relationship from the consumers perspective!

02/13/2008 06:26 AM

by Des Moines Iowa Real Estate- Brian Wentz REALTOR® (Burnett Realty)

Thanks for all of your comments! I'm glad the market is being cleaned up to. It's so important that consumer's make informed choices.

02/13/2008 12:28 PM

by Cecelia Marlow (PanAmerican Mortgage, LLC)

Cecelia,

Nice work... I explain to customers that it has to feel good in their guts and made sense in their head... or no deal

Rick

02/13/2008 12:33 PM

by Rick Kellow

#4 is very important. Especially if there is a big gap between the nominal interest rate and the annual percentage rate. Many lenders charge a "hidden point" on the back end of a loan.

At Countrywide, we take pride in NEVER charging hidden points on the back end of a loan. I have also NEVER charge any origination points on a conventional loan.

02/14/2008 03:50 AM

by Marc DeSantis (Countrywide Home Loans)

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