~ And how to spot the crooks?

Helping someone through the mortgage process takes a high degree of skill and knowledge so how do you know if you are working with a Mortgage Lender  with this kind of expertise?  I strongly suggest that you conduct an interview with your Mortgage Lender  asking questions such as how long they have been in the business and how many customers have they served.  It is my opinion that until a Loan Officer has funded 100 loans, they really do not have a firm grasp of this industry.  That is not to say that a new Loan Officer , working with a knowledgeable professional, can not be of help.  The key is that they are working with someone who has more experience who will be able to assist with your transaction.

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A good Mortgage Lender  should ask you some questions about your situation before ever offering you solutions.  They should have a clear understanding of your overall financial situation as well as having your long term financial goals in mind when they recommend a Mortgage Loan to you.  If this seems like a lot of information to share just to get a Mortgage Loan, consider this—without all of the information, the Mortgage Lender could advise the wrong loan which could cost you a lot of money.

A good Mortgage Professional will show and explain to you all of you options so that you, the borrower, can make the best decision based on you long and short termed financial goals and your current payment and equity objectives.  A good Mortgage Lender should also be able to assure you that you will have closing documents available at least two days prior to closing if not sooner, so that there are no closing day surprises.  They should also keep you well informed throughout the process so you know what is going on with your Mortgage Loan.  If the Mortgage Lender you work with does these things, then it is probably safe to say they know their trade and will do a good job for you.

If you ask about financing and any of the following things happen, you may be talking to a Mortgage Lender who is trouble.  This information comes from the Federal Trade Commission;

1. The Mortgage Lender encourages you to falsify your application information to get a loan.
2. The Mortgage Lender urges you to borrow more than you need for no apparent reason.
3. The Mortgage Lender pushes you to accept payment terms that you can not realistically meet.
4. The Mortgage Lender fails to give you the required disclosures.
5. The Mortgage Lender shows up at closing with a totally different loan product than you agreed to.
6. The Mortgage Lender asks you to sign blank forms.
7. The Mortgage Lender denies you copies of documents you have signed.

If any of this happens to you and you have already begun the process, you still have the right to switch Mortgage Lenders and go to one who will take better care of you.  Generally as long as the appraisal is complete, a loan can be completed in three days so there should be plenty of time for you to close your Mortgage Loan on time.

Find Out how to buy a home with NO WORRIES!

The typical home buyer will probably buy a home four to eight times in their life.  It’s important to develop a working relationship with a trusted Mortgage Professional  who will be with you through these times and work at making the process simple and smooth. 

To find a trusted Mortgage Lender with unprecedented guarantees which will give you the ultimate peace of mind,   Click Here!