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Choosing Your Loan Officer: Don't Short-Change Yourself

Reblogger
Real Estate Agent with Keller Williams Capital Properties DC AB15253

I love this blog post by Gene Mundt.  We are frequently asked by our clients to recommend a lender (or two or three.) After you read this post, you can explain to your client why you recommended those particular lenders..... and why they should listen to your recommendations. 

 

 

Choosing Your Loan Officer:

Don't Short-Change Yourself

 

The act of obtaining a mortgage has become a deeply personal and individualized pursuit. In its present form, it has little in common with mortgage applications of the past.

Because of that fact, the act of choosing a Mortgage Originator/Lender is far more important now than ever before.  There's far more riding on your choice.


Yet, statistics show that all too often little time or effort is expended on studying and making that choice:

  • According to a Report, almost half of consumers who borrow to finance a home only seriously consider a single lender or broker before obtaining a loan 
  • An article by PR Newswire states that more time is spent researching a car purchase (11 hours) and an equal amount of time researching a vacation (8 hours), despite the fact that these items cost just a small fraction of the average cost of a home 


Stop.  Think about it ...  

  • Do you really want to navigate such an important and deeply personal experience with someone you have no real knowledge of?  
  • Do you want to work with someone that can provide you no proof of their business experience?  
  • Can you rely on someone that has no documented or proven track record?  
  • Are you willing to gamble on the outcome of your mortgage process with someone that past clients (and professionals) have not expressed trust in? 


Why is this search so important?

During today's modern mortgage process, the answers provided to your Originator go well beyond the simple basics of "Where do you presently live?" or "What year were you born?" 

The Mortgage Originator you choose will learn much more about you.  During your Pre-Approval, Application and mortgage processing, you'll divulge and discuss the most sensitive details of your financial life with the Originator you work with.  Sometimes that can mean sharing info of a more delicate personal nature as well.  (Divorce, child support, collections, etc.)

 

 

A couple of years ago, I wrote an article about Credit Reports being the storybook of your life.  Via someone's Credit Report, you can learn almost every aspect of their life ... and life path.  


It's well known that the Credit Report documents credit, debt, and financial histories.  But Credit Reports also reveal life experiences, successes, and failures.  It displays choices made, both good and bad.  Life's ups and downs are laid bare and can read much like a novel.

Is your personal info something you want to share with someone you've taken no or very little time in seeking, researching, or vetting?  

The answer should obviously be "NO" ...  so to safeguard yourself and your mortgage process, what should you do?  

What are some of the attributes your chosen Mortgage Originator should possess?  

 

They should be a professional that:

  • Finds YOU important 
  • You're comfortable with.  (A rapport between you and your Originator vastly improves the financing experience)
  • Listens well 
  • Has a great reputation  
  • They should be highly recommended by multiple people, including real estate-related professionals
  • Is experienced, knowledgeable, and trustworthy
  • Is a good communicator 
  • Asks you questions & gains facts 
  • Has a proven track record of successful Closings.  They can offer you references and testimonials 
  • Upon your first contact/inquiry, responds to your inquiries and questions in a timely fashion
  • Provides you thorough information addressing all your questions, mortgage options, and the services they provide
  • Provides you guidance based on facts regarding your  personal finances, not just generalities
  • Will work with you on improving your credit standing, if necessary
  • More ...

 

There's a lot on the line during the financing of your home.  The home you LOVE.  Your money, privacy, and security.  Your time.  Your emotions. 

All these things make it imperative that you take the time and make the effort to find a reputable Mortgage Originator.  To establish a relationship with a quality experiencedOriginator possessing the characteristics listed above.  

You'll know then that you'll be able to trust and rely on them and their services throughout your entire mortgage process.  And that you are establishing and growing a sound relationship that will continue working on your behalf beyond the Closing table and into the future ... 

 

 * Are you hoping to buy or refinance a home in New Lenox, Will County, or elsewhere in the Chicagoland, IL/Wisconsin area? 

Let's talk! I'll put my 40+ years of mortgage experience and expertise to work answeringyour questions and fulfilling your financing needs.
I'm easily found at:

Gene Mundt
Mortgage Originator - NMLS #217987 - IL Lic. #031.0006220 - WI Licensed
 
American Portfolio Mortgage Corp.
NMLS #175656
 
Direct: 815.524.2280
Cell/Text: 708.921.6331
eFax: 815.524.2281

www.genemundt.com

 

 

  

 Twitter Account of Gene Mundt, Mortgage Lender   LinkedIn Account of Gene Mundt, Mortgage Lender   Facebook Acct. of Gene Mundt, Mortgage Lender   Pinterest Acct. of Gene Mundt, Mortgage Lender   

Gene's Chicagoland Blog/Gene Mundt, Mortgage Lender   

 

  

 

 

Gene Mundt

 Mortgage Originator  -  NMLS #216987    

                                 IL Lic. #031.0006220  -  WI License #216987                                                                                                    

NMLS #175656

 

Gene Mundt, Mortgage Originator,  40+ years of #mortgage experience, will offer you exemplary mortgage service and advice when seeking:  #Conventional, #FHA, #VA, #Jumbo, #USDA, and Portfolio Loans in #Chicago and the greater Chicagoland region, including:  The #Lincoln-Way Area, #Will County, (#New Lenox, #Frankfort, #Mokena, #Manhattan, #Joliet, #Shorewood, #Crest Hill, #Plainfield, #Bolingbrook, #Romeoville, #Naperville, #Wilmington, #Peotone, etc.), #DuPage County, the City of Chicago, #Cook County, and elsewhere within IL and Wisconsin. 

 

Your Referrals & Testimonials are Always Greatly Appreciated! 

 

 

Comments (10)

Ray Henson
eXp Realty of California, Inc. (lic. #01878277) - Elk Grove, CA
Realtor

For me, the most important issue in looking for a new house is finding the right lender since so much rests on the lender's expertise.  Thank you for re-blogging this post.

May 22, 2020 10:05 PM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Raymond Henson, SRES, GRI - I agree - the right lender can make the difference with a successful transaction - between the lender's expertise and his programs! 

May 23, 2020 04:31 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Lise. Gene offers great advice. The loan officer can make or break a deal! Choose wisely! Enjoy your day.

May 23, 2020 05:05 AM
Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Wayne Martin - I agree completely with both your points - Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi is an awesome loan officer who always has great advice for us 

May 23, 2020 05:06 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

 Great reblog selection, Lise. I've often said that I've met countless home buyers and sellers who spend more time selecting a $50 handbag than they do selecting an agent or loan officer to help them with decisions about the expenditure of hundreds of thousands of dollars.

Than again, to some degree that's our fault... we have allowed ourselves to be commoditized.

May 23, 2020 06:01 AM
Roy Kelley
Retired - Gaithersburg, MD

Thank you very much for sharing this excellent reblog selection.

Have a very special weekend.

May 23, 2020 06:43 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Lise, great choice for a reblog, and choosing the RIGHT loan officer can make or break a transaction.

May 23, 2020 07:32 AM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Happy Sunday Lise and you pick a great reblog by Gene and he makes some great point.  Lucky I have two great lenders.

 

May 24, 2020 09:30 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Lise this is excellent advice from Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi 

May 24, 2020 11:50 AM
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Thank you for re-posting this article, Lise ... and the wonderful thumbs up in your comments. Both are so very appreciated. Hopefully the advice shared resonates with many ...
Gene

May 25, 2020 06:47 PM