subject: Here Are Some Reasons Why Your Loan Did Not Close? [print this page] So what really should you expect from a mortgage loan officer in the event you are attempting to get a mortgage home loan to purchase A home in Lompoc, you should know whether or not you are just being set within a condition that may result in nothing but a roller coast ride for you, because another person has hopes on cashing in with a potential profit whether or not it be your loan officer or Real Estate agent. This is a continuation from "Why Your Loan Did Not Close?"
IN A PERFECT WORLD WHAT YOU SHOULD EXPECT FROM YOUR LOAN OFFICER:
1) Be certain your expectations are in line with reality and not just what you want to hear. This really is challenging for most people and you can call it a little bit of tough love.
2) Get an actual pre-approval, did your bank loan officer check your credit ratings did he explain the numbers to you? I always go through the personal debt ratio and clarify it even though the client does not understand or care to hear it but I make the effort to tell WHY they are or is going to be approved so its not just something I pulled out of the air.
3) Like any good relationship communication works both ways I have had clients purchase things immediately after I advised them not too, and guess what they dont qualify like they did but they are already approved and they killed the deal on their own.
4) Your mortgage loan officer should realize that you are not just another commission check and that this could be very stressful process for you.
IN A PERFECT WORLD WHAT TO EXPECT FROM YOUR REAL ESTATE AGENT
1) Provide the sales contract as soon as its entirely executed. I've had agents tell me after 2 weeks that they have an approved offer and when are we going to close? But I never got the contract to begin with and I am just hearing about the fact that you have been in escrow for the last two weeks? So I guess my telepathy powers were on the fritz during that time or maybe I was suppose to find out through osmosis. I've even had Real Estate agents with hold information because they knew it might kill the deal, and I guess were on the hopes that the data wouldn't surface. So be sure you are dealing with a Real Estate agent you consider is organized and not just performing this as a hobby.
3) COMMUNICATION, COMMUNICATION, COMMUNICATON. your Realtor should communicate persistently with your mortgage loan officer and figure out how and what the heck is going on with your loan as well as let the loan officer in on any thing critical or pertinent to the property, dont wait for the appraiser to produce his remarks on the appraisal then try and do damage control if it could had been avoided in the first place.
In final you can find GREAT REALTORS OUT THERE AS WELL AS GREAT LOAN OFFICERS!!! Sad factor is there are some who are not. Work with someone you are feeling comfy with one of the good thing about this economy as bad as it is, is that it has done some weeding of some bad apples, because throughout the hey day so many got in to the business it was not uncommon for someone to be breaking cement one day and a Real Estate agent the next on a hopes of raking in the commission checks. In addition beware you will discover some new licensing requirements that loan officers and brokers might be going through, but not at the major banks. SO JUST SOMETHING TO THINK ABOUT YOU DO GET WHAT YOU PAY FOR OR AT LEAST SOME LEVEL OF EXPERIENCE AND KNOWLEDGE. I know that I am biased in this department but the big banks are actually and contributed significantly to the mess we're in and some how are however able to reap large rewards from it all. As for Real Estate brokers I do wish the entry for being into the agency was a little a lot more challenging to lessen the amount of unsavory individuals, possibly within the foreseeable future the entry may possibly become a lot more difficult, to help deter individuals that are only looking to make a commission off of someone vs. making a difference to someone and their loved ones.
