Long Beach Real Estate-Long Beach Condos

Finding Your Jungle Guide-Part Two

Welcome to the third lesson for obtaining a home loan you love.  Sit up straight class and pay attention;  Dr. Most Opinionated is about to start.

We started off with getting your documentation in order.   Compiling that package is the secret weapon we're going to pull out at the end of the process.  We're going to drop that bunker-buster bomb on the unsuspecting originator for maximum effect at the final moment.  Next, I instructed you to compile a list of 6-8 originators.  Do you have your little list?  Good, let's get to work!

Oh, by the way, does this seem like a huge pain-in-the-butt?  Is it taking more time than you would of liked?  Here's a wake up call for you lazy people out there:

READ:  The Deceptive Advertising Example

and here's what happens if you get sucked in by "Senior Loan Officer" who cruises nightclubs, drives a Ferrari, and promises you court-side tickets to the Lakers-Clippers game:

READ:  Mortgage Broker Misconduct

Oh, do I have your attention, now?  Good!  Let's get back to the lesson.

Start off by Googling everyone's name on your list in the Google Blog Search.  So many of us are writing articles like this online so we can give you, the consumer, good information.  If the originator isn't writing a weblog, then just Google them.     Searching online can give you some insight into their philosophy about mortgage financing.  It is also one indication of their experience level and commitment to the profession.  It is not a prerequisite that they have an online presence but it does help.

Now, armed with a little intel, let's make the calls to the originators. Certainly start off with a little small talk; sales people like to talk but keep it under 3-4 minutes.

Here are 7 questions you want answered in your phone interview:

1- What is your philosophy in as much as it relates to Strategic Equity Management?

2- What makes mortgage rates go up and down?

3- What's the next big economic event that can move mortgage rates?

4- When the Fed raises rates, how does that affect mortgage rates?  (they can come down)

5- What's going to happen in the near future to mortgage rates?

6- Can I get a pre-approval if I give you a credit report, income, and asset package?

7- Will you lock my rate/terms, give me a good-faith estimate, truth-in-lending form, and written rate lock confirmation if I elect to use you?

Each phone call should take 10-15 minutes.  If you call all eight names on your list, some originators may not return your call until the next day.  That's okay as we are sometimes busy servicing clients.  Be certain to leave messages with specific  times when you'll be available.  Certain originators may not call you back.  Again, you're trying to whittle down that list to  2-3 people so you can get competitive quotes.  These interview questions should help you "find' those lucky few.

My next article will be about how to secure the home loan you love.

by Brian Brady America's Most Opinionated Mortgage Broker

Read the whole series: 

• How To Get The Best Home Loan - Neatness Counts When You Want a Home Loan
  How To Find Your Way Through The Home Loan Jungle - Part One

• How To Find Your Way Through The Home Loan Jungle - Part Two

• Loving Your Home Loan

Laurie Manny Long Beach Realtor® (562) 212-5420 244 Redondo Avenue Belmont Heights Long Beach, California 90803 Buyers/Sellers/Investors Homes Condos Income Properties 1031 Exchanges