Shouldn't buying a home be fun, not as stressful as some make it out to be. And I am not here to point the finger, but the major of complaints have come against the loan officer or lenders. As business has slowed down, I thought the bait & switching, the lying, and just outright misleading the consumer would have not be taking place as much as in previous years. But I am hearing more and more stories now than ever. My thoughts? So many are trying to hang onto a pay check. Some are not fully trained. Possibly a combination of both. And the only way for any of this to happen is to basically con the consumer or not give them all the correct information.
Whether you need a FHA mortgage or a conventional mortgage, do some research. Choose wisely and not go for the best rates or no fees. Unfortunately the paper these promises are written on aren't guarantees. As sad as that sounds, it's very true. Tammy Stone wrote this, Mr. Mortgage Guy...Stop Making Promises You Can't Keep and Tell the Truth! Because of what she wrote and speaking to a few consumers just this week, my eyes are opening wider much quicker to the blatant misleadings from enough loan officers that is has been scary. And who can I consumer trust?
I just had a consumer e-mail me a few days ago, asking the difference between putting 20% down on a conventional mortgage verses a FHA mortgage. She mentioned to me that she was talking to 5 other lenders, but she wasn't getting answers that felt comfortable. Most said the conventional way would be better. But not many asked or pressed about her credit scores once they heard that she was putting 20% down. It still comes down to that consumers goals, how long they might stay in this house. This particular person was hoping to buy their last home, because they were reaching retirement and hated moving so much. After speaking with her today for about 20 minutes, she told me that I had moved to number 1 on her list. Not only because I was helpful, but because I was giving her answers to some of her questions before she even asked them. See, some loan officers out there realize that the more information that you have, the more powerful of a shopper that you can be.
What about communication, time issues, and just professional courtesy when it comes to prompt follow up. I had a client send this to me in an e-mail 2 weeks ago.
"Jeff, It just seems like the other lender really dont care now...i mean...ive only been talking to you like a week now and already someone is going to look at the house! Ive been dealing with them over amonth and they couldnt give me any answers. Thank you so much.
Danielle"
(This was one of my many friends today)
Last night, I was hit with the flu bug and didn't get to sleep until 4 am. It's rare that I have feel like that and the last time has been over a year. But I have 2 closings this Friday and one next week. I also picked up 3 new clients in the last 2 days. All of which I spoke to yesterday and told them that I would get back to them today. I could hardly move and just didn't want to talk to anyone. So I called all 3 and explained the situation and asked if I could call them tomorrow. Two of them knew right away when I said hello. It was like, oh my god, you sound like you are well rested like crap. I guess it says a lot when a client, just 1 day old, can joke with you because you made them feel comfortable.
Overall, it's not easy when shopping for a mortgage. Sure, you can always ask friends, family, or the realtor that you are working with for a reference. And I recommend this most of the time, but this is not always the sure way of finding help.
Just 2 months ago, I helped a client that previously went to a loan officer who was recommended by a friend of theirs. This loan officer dropped the ball twice, on two different helps, always making promises along the way and pointing the finger at other reasons. The realtor finally had them sit down with myself and I had them approved in 30 days. My advice? As so many have mentioned, if it sounds too good to be true, you might look around. Just don't shop with so many, it might confuse the process. Be safe and understand those little red flags : Consumers need to be aware of these Red Flags !!!!!
The Mortgage Process Series :
Here are a few key points when shopping......
Disclaimer : This is not my typical blog, but I wanted to spice it up some with some music.
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For more information on FHA loans, please go to this link. The FHA Expert
For more information on how you can obtain your dream home, please click here : Mortgage Financing Options
For important mortgage insight to watch for, please read : Consumers need to be aware of these Red Flags !!!!!
Copyright © 2008 by Jeff Belonger
