That is a very good question i must say...
I am a mortgage broker myself, and i find this a common problem.. I work with a nationwide lender so i sit at my office in Chicago, and close loans for people in Florida, California, etc.
Now, this is a big issue in the time we are in because all financial institutions are moving towards a direct approach, so that they to can cover all of the US...
As the last response said, you can only trust family and friends... Honestly there is truth in that.. You can only REALLY TRUST them because you know them, their family, their friends, etc..
But.....What if you dont have any friends and family in the mortgage industry? What do you do then?
Do you ask a friend if they know someone?????
Here's probably the biggest issues now a days... THe thing to remember is that all lenders have different guidelines in which they lend money.. WHat a friend of yours qualified for, and they type of Mortgage loan they received may NOT BE THE RIGHT LOAN FOR YOU!!!
if they have different employment and income, credit, cash flow, home value, etc. then there are a lot of variables...
One of the most common things i hear is ...."well my friend told me i should get ..." Or " Ive heard that you should NEVER get a ...." These are very common and usually pertain to different types of mortgages like Adjustable rates or interest only loans...
For someone that will be in theire house for 15 years, they dont want an ARM or interest only...
But someone that plans to move in less then 7 NEEDS an ARM...or an interest only may be a smart option...
The thing is that you cant always TRUST your friends advidce either because you may be in completely different financial situations...
HERES WHAT YOU CAN DO IN REGARDS TO TRUST....
LOOK UP THE POTENTIAL BROKET ON THE BETTER BUSINESS BUREAU...SEE IF THEY HAVE ANY UN RESOLVES COMPLAINTS OR ISSUES..
ALSO, MAKE SURE THE INDIVIDUAL LOAN OFFICER IS LICENSED!!!!!!!!!
THIS IS A MAJOR ISSUE BECAUSE COMPANIES SIGN OFF LOANS FOR UN LICENSED LOAN OFFICERS...
let me just tell you from experience though...there are alot of ethical, moral, and trustworthy bankers and brokes out there that take pride in doing their job.. Myself, i feel grateful tpo help someone buy their first,2nd, or 3rd home... It feels good to help someone get out of a financial bind, and refinance their house to pay bills, pay childrens student loans, cash out to fix household problems that are in need of repair, etc...
Just make sure that when you talk to the person on the phone, you feel comfortable talking to them... You can usually sense how trustworthy someone is just by how they talk to you...
If you want more advice, or even mortgage assistance form someone who does take pride in this profession, feel free to call me...
My name is Jason Fry, i work for Providential Bnacorp, a nationwide mortgage lender.. You can call me direct at 312-264-6448, or email me at jasonf@providential.com
Ive included links so you can research myself, and my company if you choose...
Thanks again,
Jason Fry
Licensed Mortgage Specialist
Providential Bancorp
312-264-6448
2006-08-04 04:59:02
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answer #1
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answered by Anonymous
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If you are shopping talk to a few (2-3) different lenders. DOn't get so hung up on rates. Fees are where people get taken at times. Most mortgage professionals should be giving you good advice. The first answer you got sucked. Yes mortgage people are out to make money. It is called our job and we have bills and food to buy as well. That being said if we want repeat buisness or referrals we will most likely take very good care of you and make sure you feel comfortable in your loan. Ask for options. Good luck.
2006-08-04 23:44:32
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answer #2
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answered by unclejesse1 3
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Make sure you do your due diligence and shop around. Find a mortgage professional that is structuring the loan to benefit you and not the institution lending the money. 30 or 15 year fixed mortgages are the very worst mortgage for the consumer. Find a product that allows you to make payment choices each and every month with no penalty.
If you have trouble finding this type of professional let me know and I will be happy to help.
Malee
2006-08-04 11:16:11
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answer #3
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answered by Malee R 1
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Would you trust a doctor, lawyer or anyone else that is a professional? Of course you would, you might get a second opinion but you would trust them. So why wouldn't you trust a mortgage professional? Most of us have years of experience and knowledge to help you over come potential problems to help you obtain your dream home or help you get out from under huge amounts of debt. I take my profession very seriously and have helped hundreds of people in all walks of life. Yes I make money but doesn't everyone? I understand people look at certain professions as bad people but there are truly good people in every profession the key is finding them.
2006-08-04 15:43:41
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answer #4
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answered by Dan 3
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I might ask, why should you trust a doctor when considering treatment for a medical issue?
A true mortgage professional, someone with training and experience, can help you review all of your options so that you may choose the loan best suited to your individual needs and goals.
Personally, I have over 450 loan products available. It would be impossible for the average consumer to analyze all of these products in a timely manner and to fully understand all of their potential ramifications and/or benefits.
My job is to listen to my clients so that I can help them narrow down the available options, explain all of their available options, answer their questions, and advocate for them in the lending process. That is what I consider to be a mortgage professional's job. Looking out for your best interests is what I get paid to do.
Sure their are loan sharks and "one hit wonders" out there who take advantage of people, every industry has it's weak links. If you do your homework, shop not just for rate but for service, and choose your mortgage professional with the same care as you would your doctor or your childcare provider, you'll be fine.
2006-08-04 10:56:51
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answer #5
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answered by mazziatplay 5
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You should trust the information that they give to you, but verify it. They can not really tell you something that will not be in the contract, so it will be in writing for you to look at. And they will be on record for everything they have told you.
Every aspect of the transaction is going to be in writing, so make sure you look it over and verify that what the mortgage loan professional told you, is correct on the contract.
In most cases if you refinance your house you usually have three days to void the contract. Especially if you signed the paperwork in your home.
2006-08-04 10:54:10
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answer #6
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answered by Christopher 4
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Trust but verify. Apply for a back-up loan just to make certain. Don't pay anything up front except maybe a credit check. Only the ones who can't deliver what they talk about will get offended.
Here's a two part article on some of the games that get played:
http://www.searchlightcrusade.net/posts/1122472894.shtml
2006-08-04 15:19:11
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answer #7
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answered by Searchlight Crusade 5
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Why trust your doctor when you go to him for advice on your health? Why trust your lawyer when you go to him for advice on legal matters? Why trust your tax preparer when you are getting tax advice for filing your income tax? Why do you trust your minister to give you good spiritual advice?
We trust other professionals because we can not be a professional in all things necessary to make life easy for us.
What ever profession you are in others trust that you will give them competent advice,make a superior product or whatever you do.
My advice to you in selecting any one to perform any type of professional work for you is to interview about 3 individuals, after which you select the one that you think is more professional, or the one you feel more comfortable working with.
Like any professional field you find that you need help there are all types.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2006-08-04 11:21:45
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answer #8
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answered by Skip 6
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The people who have been in the business for a while know that in order to get ahead, they need to do the right thing by people. That way, after closing, your client comes back to you - and also tells his/her friends, family, and neighbors what a nice experience it was. Any good loan officer obtains most of his business through referrals.
2006-08-04 15:20:44
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answer #9
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answered by Jonathan S 2
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My motto is if you don't know them personally don't trust them. They are out for the commission they make so do you homework before you committ to a specific person or company.
2006-08-04 10:48:21
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answer #10
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answered by Nitengale 2
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