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 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.   
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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... © 2012 - Kazwell.com Powered by QuoteThis © 2008 Related Articles
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