Who go with a mortgage pro vs. some mortgage guy you met at the bank.
There are lots of reasons to go with an experienced mortgage professional vs. just some mortgage guy that you met at the bank!
1) The guy at the bank is not licensed. That's right. The banks loan officers just register under the banks license. They do not need to take specific courses or pass the Federal and State tests required of loan officers that work outside of a bank. Since there is a 38% failure rate on the Federal test, a high percentage of the loan officers working at banks are there because they could not pass the test.
The mortgage industry pays loan officers well and the banks get away with paying their loan officers a fraction of the amount per loan because they do not require the NMLS license.
If a loan officer can not pass a test, do you think he can proprly protect you?
Always check licenses http://www.nmlsconsumeraccess.org/ is a federal website to check on mortgage licensing.
2) As a partner of a mortgage company and with 23 years of experience, I've seen so many different scenarios. Each loan situation can vary drastically and so require different packaging and presentation to get the loan approved. Here is an area where experience really counts!
Can a rookie discern how to package a complicated loan? What happens if he packages it wrong? File turn down!
3) A professional also know that there are lots of ways to pay for a loan. The best answer is often not the obvious one.
Interest rates and fees work like a seesaw. The higher the rate - the lower the fees, the lower the rate - the higher the fees.
Newbie loan officers often just offer the standard loans and do not understand what I call the "Sweet Spot" which is the most advantageous to ther borrower. It's not just based on a rate. It's based on the borrowers goals and long term vs short term outlook. How many months reserves do they have, are they upwardly mobile etc.
Without a pro you might get a loan - but does it provide the smartest option for you?
5) Speed!
An experienced loan officer will quickly know what documentation you need beyond just the basics. Requesting these early will help you close quickly with less stress in the process.
The inexperienced loan officer simply provides a basic list, waits for the processing department to ask for the next list than waits for the underwriter to request more documentation.
If you are in the market for a refinance or purchase mortgage or just have a mortgage question, call Chris The Mortgage Pro at 888-890-6087 office or 310-350-2546 anytime!
www.ChrisTheMortgagePro.com
www.IWantToBuyAHomeSeminar.com
1) The guy at the bank is not licensed. That's right. The banks loan officers just register under the banks license. They do not need to take specific courses or pass the Federal and State tests required of loan officers that work outside of a bank. Since there is a 38% failure rate on the Federal test, a high percentage of the loan officers working at banks are there because they could not pass the test.
The mortgage industry pays loan officers well and the banks get away with paying their loan officers a fraction of the amount per loan because they do not require the NMLS license.
If a loan officer can not pass a test, do you think he can proprly protect you?
Always check licenses http://www.nmlsconsumeraccess.org/ is a federal website to check on mortgage licensing.
2) As a partner of a mortgage company and with 23 years of experience, I've seen so many different scenarios. Each loan situation can vary drastically and so require different packaging and presentation to get the loan approved. Here is an area where experience really counts!
Can a rookie discern how to package a complicated loan? What happens if he packages it wrong? File turn down!
3) A professional also know that there are lots of ways to pay for a loan. The best answer is often not the obvious one.
Interest rates and fees work like a seesaw. The higher the rate - the lower the fees, the lower the rate - the higher the fees.
Newbie loan officers often just offer the standard loans and do not understand what I call the "Sweet Spot" which is the most advantageous to ther borrower. It's not just based on a rate. It's based on the borrowers goals and long term vs short term outlook. How many months reserves do they have, are they upwardly mobile etc.
Without a pro you might get a loan - but does it provide the smartest option for you?
5) Speed!
An experienced loan officer will quickly know what documentation you need beyond just the basics. Requesting these early will help you close quickly with less stress in the process.
The inexperienced loan officer simply provides a basic list, waits for the processing department to ask for the next list than waits for the underwriter to request more documentation.
If you are in the market for a refinance or purchase mortgage or just have a mortgage question, call Chris The Mortgage Pro at 888-890-6087 office or 310-350-2546 anytime!
www.ChrisTheMortgagePro.com
www.IWantToBuyAHomeSeminar.com
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