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Finding a good loan officer is KEY!

Reblogger Debbie DiFonzo

Real Estate Broker/Owner with Debbie DiFonzo - United Country VIP Realty, SW Missouri

October 10, 2008 06:17 PM

In my previous post, I introduced you to a local Countrywide Home Loan Officer, Susan Edwards. I've worked with Susan and I am confident in the service she provides my Buyers and my Sellers.

I found it fitting that stumbled about a great post by Kristin Moran, a RE/MAX agent in Texas. She has provided you with a great list of questions to ask any loan officer before doing business with them.

So no matter where you're at, Texas or South Central Missouri, I hope you'll keep these points in mind:

The best thing that has come out of what is going on with the mortgage crisis is consumer awareness. Those that didn't pay attention before to their mortgage,the terms, the rates, the buzz words, now ARE. Educating themselves of how to get a loan, what the process is, fixed rates vs. variable rates, ARM's, Balloon's, etc. If you didn't know what these terms meant before, I bet you do now.

Home-buyers are learning to ask questions & know how to get the answers they need. A good loan officer can assure you peace of mind throughout your loan application and all the way up to closing.

A good loan officer is crucial to making sure you know what you qualify for and the terms in which you qualify. When determining who will represent you with your mortgage here are a few questions to ask:

How often should I expect to get updates on my loan's status from you or your office?

What are your normal hours of operation?

In the event that I need to reach you during off-hours, is it okay to contact you? Is there a different phone number or email address to use for such situations?

Do you have any upcoming business-travel or vacation plans I should know about? Is there any other reason you can foresee not being available between now and the time my loan closes?

Will you be responsible for staying in touch with any involved agents and parties who are involved in this transaction?

While finding a loan officer isn't hard, finding one that is honest & has high morals is important. Make sure your best interests are being considered every step of the way.

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Looking for more information on San Antonio Real Estate?  www.KristinMoran.com to search for homes in San Antonio or anywhere throughout South Texas.

Kristin Moran, RE/MAX Access - The Moran Team "Sisters that sell", (210)313-7397, Kristin@KristinMoran.com.  Buy or sell from me, use our truck for free!

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Cheryl Willis

RE/MAX Solutions- OZARK MISSOURI - Mount Vernon, MO

MO Broker - Mt Vernon, Monett, Aurora, Barry & Law

great re-blog, thanks for bring Susan in to the rain. cw

Oct 12, 2008 02:46 AM

Liz Moras Migic

Chilliwack, BC

Chilliwack, British Columbia - Realtor

Aren't the re-blog links great......so nice to be able to share the wealth!

Oct 12, 2008 08:21 AM

Donna Mitchell- Middle Tennessee's Best Banker

Brentwood, TN

For those of us who have always tried to do the RIGHT things for our clients, the changes in the industry won't phaze us much. If you are used to qualifying people based on the realities of their income and assets, and helping them choose which loan is best for them, the changes in lending won't phaze you a bit. They will only level the playing field for the unethical ones who would get it closed "no matter what".

If your loan officer tells you some thinks that maybe you don't want to hear, like "this price range may be a bit high for you, you should consider x amount...", please LISTEN. That is someone who cares about you KEEPING your HOME and not just closing ONE LOAN!

Oct 13, 2008 01:57 AM

Jon Wnoroski

America's 1st Choice RH Realty Co., Inc. - Green, OH

Summit County Realtor

Most often my buyers come to me after they have chosen a lender. If they have not, I do have a list of lenders that I give them that I have found to be highly efficient and work in the best interest of the buyer. I want my clients to have a loan officer who will speak frankly with them and get them into the program that fits them best.

Oct 13, 2008 02:00 AM

Debbie DiFonzo

Debbie DiFonzo - United Country VIP Realty, SW Missouri - Lebanon, MO

Lebanon MO and Buffalo Missouri Real Estate

Jon - You bring up a great point, often buyers come to us already having seen a lender. Depending on the lender, I cringe. Clients on both sides - buyers and sellers - need a loan officer that will lay it on the line: the good, the bad and if necessary, the ugly.

I have a list and always provide at least three lenders. Some lenders offer certain programs that others don't. It's good to have that variety, isn't it?

Oct 13, 2008 02:37 PM

Donna - One good thing to come out of this mess: those in the mortgage industry that were not doing the right thing, should be out of business by the end of the down turn. Unfortunately, there are some lenders that need to go. I know of one in the Springfield MO area - they needed to close and they have.

Oct 13, 2008 02:39 PM

Kristin Moran

Owner - RE/MAX Access - KristinMoran@Remax.net - San Antonio, TX

San Antonio,TX - Real Estate - 210-313-7397

I'm a tad behind this week DEBBIE! I just saw the re-blog button & 25 points....How cool is that? Better yet, How cool are you? Thanks! I'm flattered. KM

Oct 18, 2008 02:53 AM

Finding a good loan officer is KEY!

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