Rates are up today. Stocks soar on news that European leaders created a crisis deal. Today’s comparison mortgage rates with no lender fees are 4.25% on a 30 year, 3.5 % on a 15 year and 2.875% on a 5/1 ARM. (click here for details).
Are you as good of a borrower as you think you are?
Today I’m going to give loan officers a break and help you become the customer they love to work with instead of the guy that causes them to bang their head on a desk.
I tell you how to avoid being “that guy” in today’s episode:
Here’s three tips that will help make the mortgage loan process easier for everyone involved:
1. Provide additional information or stips in a timely manner. Don’t argue with your loan officer over whether or not he needs the information. Your loan officer only wants to close your loan as fast as possible and would never ask you for anything that isn’t necessary. Instead of fighting with them, politely ask them to explain why they need it so you can completely understand why it’s necessary.
2. An 800 credit score and low LTV does not make up an issue over a large deposit. Your loan scenario has many moving parts, and one part won’t cover the slack of a different one. Every single issue on your loan is handled separately. The question of “Do I need that? I have a 790 credit score and 50% LTV and I didn’t need that document last time I refinanced.” is like nails on a chalkboard for a loan officer. The answer is always “Yes!”
3. Don’t battle with your loan officer. Things can change; appraisals or other stips can affect your loan structure. Trust in your experienced loan officer to navigate you through these issues and help you make the right decision. Work together with your loan officer on issues that pop up. Getting mad at a situation with an easy solution doesn’t help anyone.
Those three steps will prevent you from being “that guy” during your mortgage transaction. Just for fun, ask your loan officer who their worst customer was. I guarantee they all have one and can tell you a very funny story. Hopefully these tips will help prevent them from telling a story about you in the future.
Let’s change the way people shop for a mortgage…forever!
PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002