ethics in mortgage industry
What an odd topic when wanting to educate current and prospective homeowners about the mortgage process. First let me explain how working with a mortgage banker/broker etc. can be.
Generally we meet with the prospective clients, go over all the financial details and the many loan programs available to them. We spend time educating the individual about credit worthiness, debt to income ratios, and find out their long term and short term goals in the purchase they are about to make. We also give the clients a list of all the documents that will be needed to returned to us. We confer many times with their accountant to have factual numbers for the tax advantages to being a homeowner vs. renting. In the current climate we are in we must build an entire loan package, then submit into a system called DU Desktop Underwriting to get an approval for an eligible loan. Then we get the magic number of how much you can qualify for (not how much you want to qualify for).
Now it is time to go find the dream home. If you have a realtor of choice your lender and realtor should be in touch to build a relationship as your team. If you do not have a realtor your lender may be able to give you some suggestions. There are many times the clients will have already spoken and chosen a realtor to work with. As the client, it is important that the team you have chosen respect and work well together. If you have decided on your team, remind them that it is your choice and try not to let one lead you to a friend who is in the industry as the team you have built has put time, effort and energy into your situation. In this industry no one gets paid until the file is completed. This is a fun exciting time, the team you build will help you achieve that goal and celebrate with you.
As a mortgage banker, I bring many years of financing experience including prior real estate sales to my position. A skilled negotiator with a proven track record of service and loyalty to my clients, I have and continue to help people with their dream of becoming a home owner. I offer my clients a wealth of experience from purchasing to refinancing, home equity lines of credit, including construction and commercial mortgage financing. I understand that every financial situation is unique and that quality information and timely communication are the key to my clients’ high level of satisfaction. If you have any needs give me a call @ 661-755-4883
