In the choppy seas of mortgage finance, you need a mortgage expert who can navigate the ever changing product guidelines, interest rate environment, and understands your individual circumstance. These professional mortgage originators are worth their weight in gold. Most people enter the maze of mortgages every five years or so, and the industry has evolved so much that it is barely recognizable (and its evolution continues and is likely to appear vastly different five years from now).
The Must Have Qualities In A Mortgage Expert Today Are:
1. Superior Product Knowledge
Knowing all the nuances of the loan product menu is crucial for a mortgage expert. How will your ability to be approved, your rate and your fees be impacted by your FICO score, Loan-To-Value, or liquid reserves? Being well versed in loan products and being able to see your personal situation as an underwriter is normally a function of experience.
2. An Educated Opinion On Interest Rate Movements
No one is right all the time. However, I couldn’t imagine working with a mortgage expert who didn’t have an opinion on where rates are likely to move. Your originator should be in the advice business. They should be able to express their point of view in simple, logical terms. They should site financial data and reports (like inflation and employment data). They should understand the impact of geo-political events. Ultimately, it is your responsibility to decide when to lock in your rate, but don’t you deserve access to the best information possible to make your decision? Shouldn’t your LO provide it?
3. Understanding Of The Credit Score Model
4. A Good Working Relationship With The Real Estate Agent
In today’s landscape, with frequent appraisal challenges and the structuring (and re-structuring) of deals, there needs to be excellent communication between the lender and the agent. Great loan officers have an understanding of the position, the responsibilities, and the psyche of the buyer, seller and the agent. The coordination of everyone toward a common goal is important.
5. Impeccable Listening Skills
It is not a stretch to say every loan is different. You must search for a loan officer who is attentive and engaged. LOs need to ask questions, sometimes very personal questions. They need to understand your financing objectives, your strategy about this real estate acquisition, your current and future income, credit and so on, in order to truly give you the best advice.
In the world today, too many loan officers are “order takers”. You need an expert mortgage consultant. You need an advocate who knows the programs; who has an educated opinion on rates; who can help you get the best credit score possible; who understands the team dynamic between the agent and the lender and who really listens to ensure that you get the best possible outcome.
About the Author
Shawn Kaplan is an active, multi-state Licensed loan officer with Access National Mortgage.
Email Shawn at skaplan@accessnational.com or call 615-426-3182.
Bonus: Click to get a free, no-obligation rate quote. I love to work with my readers!
For help on this or other related items call us at 615-426-3182 or email Shawn Kaplan at skaplan@accessnational.com
