Lessons I learned about mortgages that help my clients.
The importance of utilizing efficient and professional mortgage brokers is critical to facilitate a less stressful real estate transaction. Many banking experts have written various articles on the same. If you wish to know, her comment is here on various banking accounts for mortgages and other details. Although other circumstances will arise that may detract from the harmonious flow that one seeks in their endeavor as a REALTOR®, this one has always been a thorn for me. In order to better assist my clients, I look at each of these three major areas in deciding if I will recommend a particular lender or mortgage broker from Firstxtra. Each of these three items are of utmost important to both myself and the client during the buying process and lack in any one of these areas will typically cause more stress than necessary for both of us.
Core Values: What do they believe in with regards to customer service? Are they honest? Do they have integrity?
I look for a Mortgage Broker Liverpool who considers the client to be the essence of the transaction and not just a dollar figure. You will know them as they will endure to get as much money from the transaction, regardless of who is paying beside themselves. Honesty needs little elaboration, but I look for those who will be open, straight forward, truthful, and not prone to deceit. Integrity, a close cousin to honesty, lends to a veracity to be upright. If you make a mistake, take ownership and make amends to correct it. I will often test this by having a trusted mortgage broker review the documents prepared by a “new” mortgage broker to see if anything looks awry.
Professionalism: Are actions performed without personal biases? How well do they communicate? Are they dependable?
It is a difficult task at times to suppress personal prejudices and function in the interest of the client. Nevertheless, that is exactly what is needed to be a professional. Communication is the most critical aspect of professionalism, whereas it is the cornerstone in helping with the efficient processing of information. A mortgage broker, who is negligent in disseminating valuable information in a timely manner, will cost you time, money, and cause undue hardship. Dependability is simply about whether or not they have your back when things go wrong. Can you look to them for support and will they be there for the duration?
Reputation: What does their name say to the public? Reviews and assessments by others will provide valuable insight to who you may want to use.
This is just my opinion and reflects how I have interacted with different lenders in the past. Below is a bit about my personal experiences with a mortgage broker that didn’t go so well – these are the kinds of things I look to avoid for my clients by personally getting to know the mortgage brokers I recommend to my clients.
Personal Bad Experiences with a Mortgage Broker
- Mortgage broker’s supervisor relayed to me that his view was that everyone was a dollar figure (I didn’t know it at the time that this was his supervisor).
- Aggressively prepped paperwork to lock rate and start loan application.
- Wanted me to pay for VA appraisal upfront – upon my refusal, he was visibly upset. I explained that if I paid for the appraisal and loan was not approved, I would lose my money (not customer oriented).
- After receiving document file, lender did not review for a week even though closing was less than three weeks away and I was leaving the country (not very professional).
- Began asking for more documentation while I was out of country and had no access to said documents, knowing full well that I would be out of the country with limited access.
- Did not communicate information in a timely manner, particularly when I had asked several times for updates.
- Closing date had to be adjusted which affected the rate lock (date had expired). In order to extend the lock, I was charged an additional fee. Mortgage broker cited that the appraisal was the delay (which is something they are in control of). In speaking with him concerning the delay caused by his appraisal order, he did not want to hear it (he should have had the integrity to own the problem and fix it).
- Numerous emails to him with no response. In order to get information, I began to communicate directly with the loan processor. Within two days of closing, I had still not received an email or phone call with an update of my status.
Knowing all of that, what do you think my personal opinion of this lender would be? Do you think I’d be willing to attach my name to them when giving a referral to a client? Certainly not. Not only would I not want my clients to go through such an experience, but I would not want to have to work with them from the agent perspective as it would cause me more work than necessary while trying to get information for my client.
An excellent lender who you can trust and count on is an invaluable piece of the real estate puzzle. When I give recommendations, I have thoroughly vetted them against my own criteria in order to insure that my clients are getting the best service they possibly can. Happy clients make for a happy REALTOR®.
image courtesy of TheTruthAbout
