Shouldn't buying a home be fun, not as stressful as some make it out to be. And I am not here to point the finger, but the major of complaints have come against the loan officer or lenders. As business has slowed down, I thought the bait & switching, the lying, and just outright misleading the consumer would have not be taking place as much as in previous years. But I am hearing more and more stories now than ever. My thoughts? So many are trying to hang onto a pay check. Some are not fully trained. Possibly a combination of both. And the only way for any of this to happen is to basically con the consumer or not give them all the correct information.
Whether you need a FHA mortgage or a conventional mortgage, do some research. Choose wisely and not go for the best rates or no fees. Unfortunately the paper these promises are written on aren't guarantees. As sad as that sounds, it's very true. Tammy Stone wrote this, Mr. Mortgage Guy...Stop Making Promises You Can't Keep and Tell the Truth! Because of what she wrote and speaking to a few consumers just this week, my eyes are opening wider much quicker to the blatant misleadings from enough loan officers that is has been scary. And who can I consumer trust?
I just had a consumer e-mail me a few days ago, asking the difference between putting 20% down on a conventional mortgage verses a FHA mortgage. She mentioned to me that she was talking to 5 other lenders, but she wasn't getting answers that felt comfortable. Most said the conventional way would be better. But not many asked or pressed about her credit scores once they heard that she was putting 20% down. It still comes down to that consumers goals, how long they might stay in this house. This particular person was hoping to buy their last home, because they were reaching retirement and hated moving so much. After speaking with her today for about 20 minutes, she told me that I had moved to number 1 on her list. Not only because I was helpful, but because I was giving her answers to some of her questions before she even asked them. See, some loan officers out there realize that the more information that you have, the more powerful of a shopper that you can be.
What about communication, time issues, and just professional courtesy when it comes to prompt follow up. I had a client send this to me in an e-mail 2 weeks ago.
"Jeff, It just seems like the other lender really dont care now...i mean...ive only been talking to you like a week now and already someone is going to look at the house! Ive been dealing with them over amonth and they couldnt give me any answers. Thank you so much. Danielle"
(This was one of my many friends today)
Last night, I was hit with the flu bug and didn't get to sleep until 4 am. It's rare that I have feel like that and the last time has been over a year. But I have 2 closings this Friday and one next week. I also picked up 3 new clients in the last 2 days. All of which I spoke to yesterday and told them that I would get back to them today. I could hardly move and just didn't want to talk to anyone. So I called all 3 and explained the situation and asked if I could call them tomorrow. Two of them knew right away when I said hello. It was like, oh my god, you sound like you are well rested like crap. I guess it says a lot when a client, just 1 day old, can joke with you because you made them feel comfortable.
Overall, it's not easy when shopping for a mortgage. Sure, you can always ask friends, family, or the realtor that you are working with for a reference. And I recommend this most of the time, but this is not always the sure way of finding help.
Just 2 months ago, I helped a client that previously went to a loan officer who was recommended by a friend of theirs. This loan officer dropped the ball twice, on two different helps, always making promises along the way and pointing the finger at other reasons. The realtor finally had them sit down with myself and I had them approved in 30 days. My advice? As so many have mentioned, if it sounds too good to be true, you might look around. Just don't shop with so many, it might confuse the process. Be safe and understand those little red flags : Consumers need to be aware of these Red Flags !!!!!
9 Comments on Buying a home FHA or Conventionally, it should all be fun......
Jeff - I haven't thought of Eagle Eye Cherry in years. Nice job keeping it interesting! Sorry you've been under the weather. I hope you feel better soon!
Hey buddy what are you doing blogging?!? Go get some rest! And congrats on all the great business you are getting. It proves good guys don't finish last!
Buying a home can and should be fun, but getting a mortgage that's another matter. The best you can hope for is as little stress as possable.
Getting a mortgage is serious business! As this post shows, even more so when a bit of affluence gives the buyer choices. More money down or retained liquidity? Lower cost and payments or money in the bank? Assurance of acceptance with out all those invasive questions or submitting yourself for judgement? Your client with 20% to put down has decisions that are allot more stressful than the client with no money.
There is indeed a cornucopia of clowns in the mortgage business, but they add unnecessary stress not fun to the process. Lets leave the fun to the REALTORS they can do it without violating their fiduciary.The professional LO should not kill the fun, but his job is to serious to add to it.
Hi Jeff, I decided some time ago that life is too short to not enjoy it. Investing in a home is a big decision and should not be done without serious thought and investigation but it does not have to be dull or boring. Let's have fun!
JASON C. .... yes, a band that not many have heard of. I usually don't like putting music videos with a mortgag related blog. But I thought I would spice this up a tad. thanks
CHRISSY..... Well, after sitting around all day, I became very, very bored. So I had to write something, even though I still wasn't myself. And yes, getting some business from this. Thanks... hope all is well with you.
FRAN.... well, I am at about 75% right now, so that is much better than at 25% that I was at yesterday.
SUSIE..... thanks for the compliment and for stopping by.
BILL..... yes, buying a home should be fun. And why should that fun be disrupted because someone dropped the ball on your financing. Sure, it's stressful until someone says that you are approved. And even then, that might not mean much, until they actually sign all of the paper work.
Yes, getting a mortgage is serious business... but I am still able to have fun with my clients, making them happy and not feeling as stressful... because I know I will come through... that I won't bait and switch or mislead.
In regards to your last statement, There is indeed a cornucopia of clowns in the mortgage business, but they add unnecessary stress not fun to the process. Thanks for the laugh... You and I see eye to eye on all that was mentioned. Thanks for the feedback.
MISSY... I love making excuses. As I mentioned to Chrissy, after sitting around all day.... well, laying around on the couch and bed all day... I was bored, even though still sick. And I really hadn't been on AR for the last 2 1/2 days because of this.
CYNTHIA.... I totally agree. It's just sad that some just ruin it, because of their lack of professionalism.
Jeff Belonger -- The FHA Expert.com -- FHA Loans -- FHA mortgages -- Mortgages Cherry Hill, NJ More about me…
Infinity Home Mortgage Company, Inc
Office Phone: (888) 835-1663
Cell Phone: (609) 440-5133
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I just want to educate people about mortgages and the process.
In regards to lending, I am very creative, intuitive, honest, and one who communicates information, may it be good or bad. I am a loan officer that looks out for your best interest.
Just 2 months ago, I helped a client that previously went to a loan officer who was recommended by a friend of theirs. This loan officer dropped the ball twice, on two different helps, always making promises along the way and pointing the finger at other reasons. The realtor finally had them sit down with myself and I had them approved in 30 days. My advice? As so many have mentioned, if it sounds too good to be true, you might look around. Just don't shop with so many, it might confuse the process. Be safe and understand those little red flags : 
Jeff - I haven't thought of Eagle Eye Cherry in years. Nice job keeping it interesting! Sorry you've been under the weather. I hope you feel better soon!