It’s unfortunate, but not all lenders are created equal. Yes, we’re all licensed, but that doesn’t make someone good at their job. Being a long-time loan officer, I see and hear stories about loans gone bad, which oftentimes is the result of a loan officer not doing a good job. Here are some things that separate the great from the not so great.Verify my mortgage eligibility (Dec 3rd, 2023)
A Great Mortgage Broker Asks Questions.
It is impossible for a great mortgage broker to provide an accurate mortgage quote without obtaining some information from you. IMPOSSIBLE!
Therefore, you should expect a good broker to ask you about your credit rating, how long you expect to own the home, your plans for the home (e.g., primary residence, rental), and the property type you expect to purchase (e.g., condo, single family home, etc.). A great broker will then take your answers and use them to offer mortgage options that make sense for your needs.
Unfortunately, a bad mortgage lender will provide you with the rock-bottom advertised rate to get you in the door and give you the bad news that you don’t qualify for that particular fate later. Or they’ll try to sell you the only loan program that they understand.
A Great Mortgage Broker Communicates.
Knowledgeable mortgage pros know their industry and their products well enough to explain them in simple terms. This is what you need. As the homeowner, you are responsible for every document that you sign and even the newest consumer-friendly mortgage disclosures can be confusing at first glance.
A great broker wants you to know what you’re signing!
These bad mortgage lenders will hide behind terms & information you don’t understand. Yes, even though these loan officers are licensed, they aren’t necessarily good.
A Great Mortgage Broker Problem-Solves.
Experienced mortgage brokers have learned to expect the unexpected. They have experience dealing with “challenges” which can be very common in the mortgage world. Whatever the challenge, a great mortgage broker will help you find a solution.
When the going gets tough, bad mortgage lenders quit returning calls. Great mortgage brokers move heaven and earth to hold up their end of the bargain.Verify my mortgage eligibility (Dec 3rd, 2023)
A Great Mortgage Broker Stays in Touch.
With technology at our fingertips, it’s easy to communicate. A great mortgage broker will use text, email & phone calls to keep in touch with you throughout the mortgage process and return your calls, your emails, and your texts promptly. Bad mortgage lenders, by contrast, make chasing new clients a higher priority over serving the clients they already have.
A Great Mortgage Broker Works in YOUR Comfort Zone.
Just because you can get approved for a specific loan amount doesn’t mean that you should.
If you can technically afford a $500,000 mortgage, but the potential payment makes you light-headed, a great broker will find a way to make you more comfortable — a smaller loan size, a different mortgage program, or perhaps can offer some budgeting help.
A bad lender, on the other hand, will push you into the higher loan amount because he or she doesn’t understand the long-term value of a satisfied client and has little regard for your needs. When you work with a great broker, the priority is making sure that you, as the borrower, are comfortable and confident with the terms.Show me today's rate (Dec 3rd, 2023)