The first sign that your mortgage application is going wrong... no one is answering the phone

Over the past two weeks, I spoke to three new clients with similar situations... their Loan Officer was not returning their calls all of a sudden.

When I receive these calls, it is music to my ears. I'll be happy to pick up the where someone else dropped the ball. Not because these loans are easy - In most cases they are quite opposite. Actually, 75%-85% of the time the client has some real credit or financial issues that need to be addressed. They were just unfortunately to find someone that didn't want to take the time to explain it.

My biggest question to those previous Loan Officers is 'why not just tell the client what the issue is and how they can resolve it?'

Trying to jumping right in, I know that these clients may need a few months of hand holding (perhaps even for up to a year). The key is to explain to them what the main concerns are, point them in the right direction, and set them up with local professional that will help them further.

A local professional could be a Credit Counselor, Real Estate Attorney, Financial Planner, etc. Depending on their current situation, have them contact a professional. Sure, I can direct them on their credit to a certain point, but credit correction is not my expertise. If its something we can work on together, GREAT! Otherwise, they need to speak with someone who can really focus on the improvements needed, who have the time, and supporting staff to see it through correctly.

I'll give you an example... two weeks ago I received a call from a client that received a Pre-Approval Letter. Not just a Pre-Qualification Letter (which is still ridiculous) but an actual Pre-Approval Letter. She then placed an offer on the home and was planning her relocation from Virginia to Frisco Texas. Well, after making arrangements, and getting things packed, she found she was having a hard time reaching the Loan Originator and the Realtor. When she finally did reach the Loan Originator, he told her that she would need some work on her credit.

Keep in mind, this was almost a month later. The 'soon to be' Homeowner's credit scores were low 500s to high 400s. In a panic, she contacted me (Thanks to Activerain and Google.... ranked #1). Unfortunately, I was unable to help with financing today and explained to her why. A few years back she had some issues that were never resolved. None of her credit history was due to recent activity, which tells me that the Loan Originator should have explained this during the very first call and not waited for the customer to TRACK THEM DOWN.

I immediately called Loreena Yeo of 3:16 Team Realty. Explained the situation and that the buyers were coming into town within the next 2 days. She called and spoke to Mr. and Mrs. Buyer to gather some information on location, size, etc. She found some great Lease Options for these buyerss. As a matter of fact, they are working on a Buyer Financing deal while the buyers continue to work on their credit. Actually, while they were all in my office, the buyers called the Credit Repair company I suggested right then to get things started.

So, they will not be able to move into their home as quickly as they would have liked, but at least they have found a home in our wonderful city of Frisco. And although this scenario was not 'financially' beneficial for me, it was well worth it. She is moving pased a bad experience and into something very positive. Besides, in a a few months to a year from now they will be ready to refinance the home to a much lower rate. On top of that, who will they think of the next time someone asks mentions Real Estate or Mortgages? It's all about the relationships you build!

 

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Are you are looking to buy or sell a home in Frisco Texas or another city in North Texas?  Perhaps you love your home but would be interested in refinancing to a lower interest rate?  If so, then I can help.  

I'll help you get pre-approved for your a new home loan in Texas and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice.  If you are available to talk, I am available to listen.  Give me a call any time or visit my website for more details.

Do you want to know all of your mortgage options? Call me today and let's discuss them further.

Always available for your Texas Mortgage needs!

John Cannata LegacyTexas Mortgage  p#972.325.4912

www.TexasLoanGuy.com

Frisco Texas Mortgage Consultant

Frisco TX Mortgage

      

The views expressed on this site are mine alone and do not reflect the views of my employer.