Hi all: I hope you're well!
I was thinking about how much it matters if you're a consumer to choose a loan officer who knows what they're doing and has the full support of their company. Why do I say this? Because I think there are some loan officers still out there who just care about their paycheck. They're just in it for the numbers and that doesn't benefit you.
Case in point. I've had quite a few refinances lately where my clients have chosen ARM's (Adjustable Rate Mortgages that are typically fixed for either 3, 5, 7, or 10 years). You're probably wondering why on earth would a customer choose an ARM after all the carnage caused by ARM loans earlier this decade. The reason is because every customer is different. A great loan officer will take the time to listen to the customer's goals and comfort level.
The reasons my clients wanted ARM loans is because they were good with their money in one case (and the rates right now are shy of 3.5% for a 5/1 ARM-3.65% APR-which is at least one point better than a 30 year fixed rate) and wanted to pay their home off completely in five years in the other case.
Other people are going to be more comfortable with a 15 or 30 year fixed rate mortgage. You may sleep better at night knowing your rate will never change. I recently had a client like this. The customer wasn't a risk taker so we got them a 30 year fixed mortgage.
Right now a lot of us in the loan business are struggling with all the regulations and guideline changes. We just had to pass a pretty difficult national test and the cost of business for us is increasing all the time. But we hang in there because we want to help you buy or refinance your home. Those of us who are left are committed to our craft. We have the opportunity to make good money but we work hard doing it.
My advice to you? Talk to a few loan officers before choosing the one that's right for you. You'll be tempted to pick the first one because you're busy and know the process might be stressful. But if you choose poorly, it will be a bad experience for you. Instead take the time to choose a loan officer who knows what they're doing! If you choose me, thank you. I am grateful. You are always welcome to contact me if you'd like me to help you find the perfect loan officer for you. Have a nice evening!
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