| BEWARE OF LAZY LOAN PROFESSIONALS |
 |
 |
|
Not all loans are created equal. For that matter, neither are loan professionals. Picking the right person to help you with your mortgage needs can make a difference whether your loan closes or not. This is even more true in these troubled times. We recently received a phone call from a newly divoriced woman trying to buy a home. This was her second attempt. It seems that the loan officer she originally called had pre-qualified her over the phone and she was all set to move. At least this is what she thad been told. On the day of closing, however, she was informed her that her loan would not close. When she called us she was frantic. The very first thing she did was request to be prequalified for a mortgage. but she was told we did not work that way. There are to many variables and we need to know what they are before we start promising. Simply stated, being pre-qualified for a mortgage is worthless.While this has always been the case, it is even more so in these economic conditions. Still, loan officers give pre-approvals all the time. This is done to take the potential borrower off the mortgage shopping market. The potential borrower is told yes based on a computer approval which makes no allowance for the conditions of being human. Rather, the approval is based on conditions the computer is told is "normal." The potential borrower now believes they have been approved for a loan. Nothing can be further from the truth. Proper effort by the loan officer could have yielded a differant result. Issues addressed in a timely fashion are easier to resolve BEFORE the closing. If a loan professional is to lazy to get the information needed to give you an accurate approval, look for someone else to help you. While your loan may well be fine, lackadasical professionals are unprofessional. Their laziness can cost you money when a little effort can reduce your closing costs or interest rates.
To create link towards this article on your website, copy and paste the text below in your page. Preview :
BEWARE OF LAZY LOAN PROFESSIONALS Not all loans are created equal. For that matter, neither are loan professionals. Picking the right person to help you with your mortgage... © 2010 - Kazwell.com Powered by QuoteThis © 2008 Related Articles
|
||||
Kazwell Newsletter
Mortgage Calculator
Real Estate News
MortgageDaily.com News
-
Serious Late Payments Deteriorate
Total mortgage delinquency of at least 90 days as of June 30 surged 82 basis points from May 31, LPS reported.
The foreclosure rate shot up 47 BPS, according to the report.
The delinquency rate, excluding foreclosures, was up 35 BPS. -
Mixed Performance at M.I. Firms
The Mortgage Insurance Companies of America reported that the number of policies issued in June were 9 percent higher than in May.
The number of new mortgage insurance applications has increased each month since January.
But primary insurance in force fell $10 billion from May.
In addition, primary insurance defaults increased 8 percent. -
Fannie Volume Tumbles, Lates Continue Improvement
New business acquisitions at Fannie Mae declined 31 percent between May and June, according to monthly operational data.
Compared to a year earlier, volume was down 45 percent.
Residential delinquency of at least 90 days improved for the third consecutive month.
Multifamily delinquency of at least 60 days fell for the second consecutive month. -
Rates Better, But Not New Activity
Again the average 30-year fixed-rate mortgage fell to a new record low, Freddie Mac reported.
The one-year adjustable-rate mortgage was down 6 basis points compared to a week ago.
But still, mortgage activity declined 7 percent this week based on the Mortgage Market Index. -
Business Deteriorates at LendingTree
LendingTree Loans closed 43 percent fewer loans during the second quarter than it did a year earlier, according to earnings data from its parent company.
Matched requests at the exchanges segment tumbled 19 percent during the same period.
The company reported 38 fewer exchange segment closings.