Dear Loan Officer,
I want to thank you for contacting me on the purchase of our new home. We are just so excited... our emotions are running wild and just can't believe that this dream will come true. Because of these emotions, we can't think straight. So we really are thankful for your expertise, knowledge, for asking us the right questions in making sure that we are getting a fair deal, not the best deal. We just want to be taken care of and just want no hassles or problems at the end.
But we have some questions for you Mr. Loan Officer. We actually had time to gather our thoughts and speak to my brother who is a loan officer, but can't do loans in the state that we live in. I went over everything that you went over with me and I have some huge concerns. These are the things that my brother said that we should have been asked by you or should have been received by you.
- You never asked us our goals, when you pre-qualified us. You never asked us how long that we might live in the house. You never asked us if we had kids? If and when they might be going to high school and or college?
- You never asked us what mortgage payment that we would be comfortable with. But you did tell us very quickly how much that we could qualify for. After going online to compute our payments, we aren't comfortable with that type of payment.
- You never even volunteered a rate or mortgage payment. I slightly mentioned about this, but you said..."our rate would be a good rate." I passed this information onto my brother and he just chuckled. He said, "sure, a good rate him might be a bad rate for us.
- Lastly, we don't even really know what our costs are. My brother said that you should have supplied us with a Good Faith Estimate. Even though we didn't do an application prior to being prequalified, we still should have received a good faith estimate just to give us an idea.
Mr. Loan officer..... after reviewing all of these details, we feel like you didn't have our best interest at hand. I have now spoken to 3 loan officers today and at least 2 of them asked me my goals, what payment that I would be comfortable with, and 2 of them supplied me with a good faith estimate.
On another note, all you did was assure me that we were approved and wouldn't have a problem. These now sound like Red Flags that I should have been aware of. Most importantly, my brother asked how we could be approved, when you never took an application with us nor collected our documents, ie: pay stubs, W-2's, and bank statements. We were only pre-qualified, but you said approved. There is a hug difference.
Overall, we now have realized that it doesn't matter how big of a company that you work for, considering that you are the second largest lender nationally. It comes down to the real professional, a true mortgage professional that not only is knowledgeable, understands the basics of mortgages, has our best interest in hand, will not hide information from us, but who is passionate in what they do and truly loves their job.
Thank you for your time, but at this time, we wish to withdraw our application,
Mrs. Consumer
PS. to the readers.... this is based on a true phone call that I had with a consumer on Friday, who was just told that they were approved and that he would give them a good rate.
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For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!!
Copyright © 2008 by Jeff Belonger
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