Top Five Frequently Asked Questions to ask Your Mortgage Professional
The process of acquiring a mortgage loan is perhaps one of the most critical financial undertakings and decisions you could ever make in your whole life. As is with other major financial undertakings and decisions, it makes perfect sense to consult a professional who is knowledgeable and experienced and who has your best interests at heart. Here are top five frequently asked questions to ask a mortgage loan advisor to help you determine whether the advisor is competent enough to help you seal this important life decision.
1. How long have you been in the mortgage industry? Be advised that financing a home is one of the trickiest businesses in the world today. Be advised also that mortgage underwriting guidelines vary significantly from one product to another. Loan officers are at advantaged positions to place their mortgage loans through several investors thus making the process of choosing the right mortgage lender all the more important. Needless to mention, knowing how and where to place a loan can make all the difference in the world between a smooth and disastrous transaction. A mortgage advisor with over 2 years experience has most likely mastered the art through trial and error. Ensure you delve deeper into their experience and history and their existing volume of business in order to strike an optimal balance.
2. What exactly are you, the lender, the bank, or the broker? The reason why this is important is because there are pros and cons to each form of the mentioned institutions but by the end of the day, you should aim at striking a good balance of value and service
3. How much do you wish to make on this deal? Understanding how much the mortgage professional is getting paid isn’t an easy thing to make out but it will help you a great deal in knowing whether the advisor is genuine or not or whether they are after making a good kill
4. Do you have any affiliations with the real estate company? We all know that real agents today have a way of referring their clients to mortgage advisors who they know are competent enough to get a loan closed on time and hassle-free? While most of these agents refer their best clients so they can get their commissions, the motives are always not the most transparent as such agents refer clients to companies and mortgage professionals whom they have agreements with. Thus, keep in mind that by the end of it all, you will be the one making the payments 15, 20, 25, 30 years down the line, follow your intuition and if a deal is too good, it probably is.
5. Are there references? Even though mortgage advisors shouldn’t be used to hand out references, it doesn’t close out the option of asking for references. Just get the info available, call the reference in question and ascertain that the client was fully satisfied with the services offered and that the mortgage loan closed on time. You might also want to check out with the Better Business Bureau and licensing authorities to ascertain that the advisor has a proven and commendable track record
