Home Loan Guidance Topics

Warning Signs and Weed-out Signals


Based on information from consumers and other field-research, the following are warning signs that should alert you to potentially "cut" a potential mortgage loan source from your list. Here are the things that should warn you that you should stop working with that person. Any one of these things should put you on high alert.

• Source doesn't answer your questions accurately or doesn't seem experienced

• You and the source just don't "click"

• If the source insists on you bringing your valuable paperwork to them and meeting in person before even discussing your questions, that's a sign of trouble

• The source gives lots of "I don't know" answers

• The source brushes off your question saying it's unimportant or "don't worry, let us handle everything" as if you're not allowed or not intelligent enough to hear about this information

• They seem overly rushed and uninterested in talking with you

• They quote you closing costs that are dramatically different from what other sources are quoting you, without suitable explanation

• They refuse to quote you a loan program where closing costs are paid by the lender (given a slightly higher interest rate)

• The source has a condescending or arrogant attitude or a very pushy sales style

If you find that you want to remove a source from your list, there's no point in wasting your time further. Thank them for their time and move on.

On the other hand, no matter how much you like one particular person, push yourself to find at least two more with whom you get that same feeling...you never know which one might have the right relationship with the right lender that's perfect for you, regardless of having a great personality.

At the end of all of these interviews, long before you actually do your home shopping, you should be able to pick a few mortgage sources to work with at a detailed level to find the loan type and loan program that is right for you. Remember, you'll only actually get your loan through one of these sources. However, you now have a few you're comfortable with to get pre-approved and perform detailed comparison-shopping after you find your property.

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