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: