Life is full of mistakes — they are bound to happen. But when you can learn from the mistakes of others and avoid them yourself, that’s when you can get ahead and succeed where others have failed.
From my nearly 15 years of being a home loan officer, dedicated to partnering with clients to secure the loan they want in need, I’ve come across several common mistakes. Here are five common mistakes made by home loan borrowers and how to avoid them.
#1. A lender is not a service provider; they are your partner.
Home loan officers operate differently than service providers you work with on a daily basis. Lenders only make money if they secure a loan for you — so it is in their best interest to secure your loan. You need to work together and become a cohesive team to secure a loan. Treating them like a service provider is not a winning approach.
#2. Lenders don’t always know what will best fit your needs.
Each lender is unique. Some are inexperienced, while others are merely good salespeople who are only competent in getting your business, not delivering what you need. They might not be good at securing the best loan for you or providing the best service or most accurate details, but good at securing a loan, regardless of if it meets your needs or not. .
#3. Don’t let the loan officer interview you; understand that you are there to interview them.
Would you hire a financial advisor who doesn’t have money? Would you hire a defense attorney who has no trial experience? Then why not be just as specific with choosing your loan officer? This person will be guiding you in the biggest financial investment of your life. Make sure they are qualified.
#4. More than the rate matters.
Your mortgage loan rate is a single piece of data. The rate should be one of the core pieces of information you consider, but not the only piece of information you consider. You must have a prepared list of questions about what you need to know so you can be engaged in the borrowing process.
#5. Pre-approval is not success.
Far too often, pre-approval is seen as a success in the process of securing a home loan. But there are still obstacles to face and overcome to close a loan. It is the job of your lender to have the foresight to see the challenges early enough to either avoid them or have a solid Plan B to navigate any obstructions. Especially if you’re a new, first-time homebuyer yet to know the steps to buying a house, it’s important to know the steps and what pre-approval does and doesn’t mean.
Thank you for investing your time in learning how to achieve Mortgage Peace. I have seen this information guide home buyers and investors to save time and money while closing loans that they benefit from. Have questions for me? Call the Office at 985-300-LOAN or check out my websites: www.WeeksTeam.com and also www.StephanieWeeks.com.