FHA loans & Mortgage advisory - Part 1 - Understanding Loan Officers

        

FHA loans - FHA mortgages - Conventional loans - VA mortgages

Consumers & Borrowers, please read this !!!

 

I have noticed in the last few months that some loan officers and lenders are getting more desperate than ever before. In my 16 years of being a loan officer in regards to mortgages, the consumer needs to be aware of knowing when to seek help from another loan officer and not wait until the last minute. It's one thing to trust, it's another to be lied to or misled to.... and not just by accident.

 

 

 

I so love helping people in general. And even more so when it comes to helping my client get a mortgage, no matter if they are buying a home or refinancing. I will also say that I am not perfect nor that I know everything when it comes to mortgages. But I have some pet peeves and concerns.... please read below.

I could share at least 20 to 30 examples that I have come across in just the last year alone. I get about 5 e-mails or phone calls a week from consumers all across the United States, but usually after they feel that they aren't getting anywhere with their current loan officer/lender.  I am licensed in many states and more to come shortly. But if I am not licensed in that state, I know of a true mortgage professional that would be able to help them the same way that I could. Just recently, I had a woman e-mail me because her current lender said that her father couldn't co-sign on her new house because of x, y, z reasons. I said that was not true. And the sad part was that her loan officer said no and would get back to her. It was a whole week and still nothing. I gave her the name of a loan officer that I had confidence in and she still hadn't called him, even after 4 days.I just don't get it?  Read below for her answer.

 

 

Conclusion to the answer - 

I asked this women why she would not seek advice from another loan officer, especially one that was highly recommended, if she truly trusted me. She said..."because her loan officer was nice".  People !!!!  A nice sales person will not always get you the correct answer or your deal done. Yes, it's our job to be nice. But if they throw at you sweet chit chat, words of encouragement such as, "don't worry", "no problem", "I guarantee", "I promise", etc etc.... then you might be shooting yourself in the foot.

 

 

 

Words of advice -

It doesn't take more than 24 hours to get a basic answer to any type of mortgage question. Go with your gut sometimes. Better yet, go with a very knowledgeable and professional loan officer. One that will educate you about the process and educate you during the process.  Advice below....

• If the loan officer keeps promising to get back to you, but it's been a few days now, seek help elsewhere. 
• If they are hard to get a hold of now, even more so when you might have an issue, seek help elsewhere.
• If the loan officer keeps using such phrases as I mentioned above, seek help elsewhere.
• One pet peeve!!!  If your lender misses your settlement date for any reason, seek advice quickly from another loan officer. I have heard some borrowers have their settlement postponed up to 3 times. Don't wait nor trust promises that will more in likely be broken later on. It happens.
• If your lender denies your deal the day prior or the day of settlement, don't listen to them telling you that they are working on a new solution. And then for them to tell you to hold tight. Seek help elsewhere immediately.
• In regards to out-of-state loan officers?  70% of my business is out of state. It comes down to the ethical and knowledgeable loan officer. It doesn't matter on location....
• And for more red flags, please read this.... As a consumer, beware of these Red Flags !!!

 

 

• One last piece of advice...(please read) stop listening to the media... there is mortgage money to still lend.

 

• FHA loans & mortgage advisory - Part 1 - Understanding loan officers

• FHA loans & mortgage advisory - Part 2 - Understanding mortgages & principals of mortgages
  

 

 

- FHA Loans  - Conventional Loans - VA Loans -

Experience & Knowledge at its BEST !!!

 

 

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For more information on FHA loans, please go to this link. The FHA Expert

For more information on how you can obtain your dream home, please click here : Mortgage Financing Options

For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!!

Copyright © 2008 by Jeff Belonger