Just thinking about it gets you excited! A bigger master bedroom, an extra bathroom… Awesome hiking trails nearby! (What can I say – we’re in Utah)
You’re looking forward to everything, except maybe for the part where you obtain financing.
Once you decide to get started, you do what most people these days do. You go online, and submit a few mortgage quote requests.
It doesn’t take long before your phone starts ringing.
Without further ado, here are 5 signs that you should ditch your mortgage loan officer!
1. If the offer sounds too good to be true…
Answer your phone a few times, and you’ll eventually talk to this guy.
He claims to have the lowest fees, and beat anyone else’s interest rate. You will be approved, regardless of credit score, or income.
He is the answer to your prayers – you need to hurry and send in your application now! If you don’t, interest rates will be so sad that they will most certainly go up…
Stay on the phone long enough, and you’ll soon find yourself in the next stage.
2.Your voicemails and e-mails go unanswered
You’ll notice this tends to happen soon after he convinces you to apply.
The more questions you start asking, the less likely it is you’ll get answers. Good luck even getting ahold of your loan officer! At this point, you’ll probably be passed entirely to the loan processor, as your guy is busy searching for the next “sucker”.
While you get increasingly frustrated, perhaps even angry, some part of you can’t help wonder – is it your fault for being too demanding? Are you overreacting?
Maybe it’s just how things work. After all, nobody ever said getting a mortgage was fun.
3. Fancy being yelled at?
At some point in this whole charade, the loan officer miraculously answers your call.
You decide to put your foot down, and demand answers. But before you get a chance to express your concerns, the screaming on the other side silences you.
You are interrupting an extremely busy person, that’s working on multiple loans, not just yours! There is no reason to ask so many (stupid) questions, just relax and let the professional handle it.
Or go ahead and originate your own mortgage [dial tone...]
4. You’ve been lied to
Face it: you’ve been duped. And crime does pay.
Loan officers are sales people. This particular salesman said and did whatever was necessary to eliminate competition and gain your business. Once you’re in the door it’s a lot harder to leave, and he knows it.
By now, you’re too far in the process to turn back. Unless you want to start over with a different lender, and pay another $500 for the appraisal.
And who’s to say the experience will be any different?
5. Constant delays and lost paperwork
Still with your loan officer at this point? You’re a trooper!
You keep hanging in there, as the frustration keeps building. Having fun submitting the same paperwork over and over again?! It even feels like the underwriter personally hates you. Cherry on top… the interest rates went up.
Get another extension and suck it up. It will all be over soon… Or NOT.
While the above signs might look like an obvious warning to run, you’d be surprised at how much borrowers put up with. It’s not always so simple to tell if an excuse is made up or not.
Whatever the situation is, keep in mind that lenders are fighting for your business.
And while this doesn’t give you permission to act like a jerk, it does mean that you should expect excellent customer service – and settle for nothing less.
How was your experience with the mortgage industry, and what would be the one thing you would absolutely like to change?