Yesterday I posted my six easy steps to getting a mortgage. First I do want to thank everyone for looking and the great comments that I received. The intent of my next few posts will look at each step and I will share how to make it a smooth, seamless process. If you have any specific questions I can help with just drop a comment or email. Now, back to the show!
Step One - Interview (about an hour)
We meet (telephone or in-person) about your mortgage needs. I will go into details about different programs like conforming, FHA, VA, or mortgages for credit programs. We will then plot a direction to help, collect some personal information. Give you a list of required documents and answer any of your questions.
While most initial interviews are down on the telephone or email. I still have many clients that drop by my office. So, what is it all about? Ever been on a blind date? If you answered yes, the beginning of the interview is just like that. Lots of mystery and a weird feeling in your tummy and wondering how the rest of the night was going to pan out.
After the interview a sale is going to happen. Either the client is going to sell the loan officer that they do not need their services or a good loan officer will listen to the clients needs and work on a proposal to help with those needs.
What does the client need to provide:
- A summary of needs and goals
- Information on home value, mortgage balance, employment, verifiable liquid assets (401k, CD's, money market, savings), and a general idea of credit history
What does the loan officer need to provide:
- Information about themselves and company
- Mortgage options to help the client
- An open ear to "hear what the client needs"
This should take about 25 - 40 minutes. At the end both parties need to decide to go forward. Now let's all be honest here. When the client starts the "I want to think about it," "I need to check with XYZ," "send me some information," "I need to pray on it," etc. we all know that these are a no (you just don't want to say it). A good loan officer will then have to "dig" a little harder and present something that the client finds of value.
After an agreement to proceed is made by both the client and the loan officer the client needs to provide credit information and set an appointment to meet (person or telephone - this is almost impossible to do via email) and review the proposal and furnish documentation needed to get a mortgage.
See, that is not that hard. Did you hear the key? Yes, (you guys are really smart) the key is communication and everyone working together for a better financial position.
Happy Selling! (and buying and refinancing)
Tony Grego - Indiana Mortgage Broker
Quote of the Day:
Misery is optional.
--Abraham Lincoln
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