MortgagesUndressed

Note: This guy is already in pretty deep. How about you?

1- Make sure your credit score will allow you to secure a loan with market rates.
2- Make sure the lender you choose has a good reputation with the agent you will use. (No exceptions here.)
3- Use an agent that knows the local market you will be purchasing in.
4- Do a personal evaluation about your financial stability. Will you be in the home for a few years? (prices may stay flat for a while) Can you really afford the new payment? Do you have some cash reserves? (how many months could you survive with a job loss? Could you be better off by first upgrading your employment first? Do you have high interest rate debt that could be paid off first? Will the new purchase allow you to go forward spending less than you earn?
5- And before you even dip your toes in the water spend serious time learning from experienced people on line. Spend as much time learning about mortgages as you do searching for that home on line.

PS: The last time I put up a list of 5, Teresa Boardman said you always have 10 in lists. Tell Teresa, there are 10 in this list of 5. Lar

Let me see, let me count the ways:

The list is about them. But first, a comment about you, the typical borrower. You sometimes don’t listen to your agents advice. Why is a bewilderment to me, but it is a fact. You are sometimes the problem because you are not informed. Thus this blog, it is for you. Be informed. Try your best to not be the reason you had a bad experience. Instead of dreaming and studying homes online, study both lending and homes. The more informed you are, the less likely you are to do business with the wrong loan officer.

Now: The list begins.

1- This is a serious business, no place for patience.

2- Some are greedy, loans are a haven for the greedy.

3- Many are short sided in how they build or don’t build a business.

4- Some are flakes

5- Some are not competent: incompetency often costs you $$$$$$$$$$$ and more money.

6- Some lie to people.

7- Some make mistakes and then won’t stand behind their committments.

8- The business is not transparent, so some don’t give you all options in your best interest.

9- Mortgages seem easy, attracts the wrong types.

10- A lot of loan officers have credit problems on their own, seems hypocritical to me.

11- Many states don’t require licensing of loan officers, some make it too easy to have a license..

These types are not the majority, but they are all too prevelant. Thus my critical, tough, & impatient attitude.

If I have your attention for a minute or more, maybe - just maybe you will avoid a bad experience.

HOW DO I KNOW THIS? I KNOW! READ MY ABOUT SECTION.

HOW DO YOU AVOID THESE TYPES? READ THIS BLOG FROM FRONT TO BACK, AND DAILY.

USE A LOAN OFFICER THAT IS KNOWN TO BE COMPETENT, PROFESSIONAL, AND NOT TOO BUSY - BY AN AGENT. LET THE LOAN OFFICER KNOW THE REASON THEY WERE YOUR CHOICE. KEEP THE AGENT INFORMED. THIS WAY, THE LOAN OFFICER HAS FUTURE AGENT BUSINESS AT RISK.

Larry Cragun