Monday, November 14, 2011

Mortgage Loan Advisors...more than just a rate


Why has shopping for home financing become so difficult?

What’s the point of shopping for a great rate if the loan process is so cumbersome that it delays your closing?

Great questions, I am glad you asked!

The most important aspect of buying a new home is finding the right Mortgage Loan Advisor. In the complex, ever-changing mortgage world, it is important to find a Mortgage Loan Advisor that is up to date on lending guidelines and understands the importance of finding the right product for you. 

If so, how do you find the right Mortgage Loan Advisor?

Simply by asking questions… Asking how long someone has been in lending is not even remotely offensive. You want a knowledgeable Mortgage Loan Advisor that has access to the right resources in order to answer your questions in a timely manner. An experienced Mortgage Loan Advisor should clearly lay out the loan process in a detailed manner. You should have a rough idea of the timeframe of when you should be hearing from the Mortgage Loan Advisor. Also, be sure you always have their contact information available in case they fail to respond. I know that not every question can immediately be answered. Personally, when I have a question that my Mortgage Advisor cannot answer, I expect that they will respond in a timely fashion once they consult their resources. From the Mortgage Loan Advisor’s standpoint, there are certain aspects of the loan process that a time frame can only be estimated. However, a qualified Mortgage Loan Advisor should update you as soon as he/she receives any pertinent information.

Keep in mind that Mortgage Loan Advisors are not Underwriters- however, they should be able to identify the majority of risks you may face when applying for a mortgage loan. For instance, many people are confused about what can be used for income. A common mistake regarding income is including overtime income for your mortgage application; overtime income is not considered for your mortgage application unless you have been receiving overtime income for the past 2 years. Again, that is just one an example of the numerous potential risks, so be sure that your Mortgage Loan Advisor carefully reviews all potential risks during the application process.

Ocean Communities FCU takes pride in its knowledgeable staff.  Each Mortgage Loan Advisor has been through extensive training, and is constantly being updated on mortgage trends, and lending guideline changes.  Don’t get me wrong, rates are important too, but without having the right Mortgage Loan Advisor that rate is just a number.