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#24148 - 03/01/05 05:16 AM Mortgage Process
Anonymous
Unregistered


How a home buyer satisfys himself that mortgage company is doing right work and will end up with good closing date after getting commitment letter?

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#24149 - 03/01/05 07:02 AM Re: Mortgage Process
Anonymous
Unregistered


was that a question or a statement. its was unclear to understand.
if it is a question I can say its difficult to tell. Sometimes closings go smooth sometimes they don't. Its not always the mortgage company sometimes its the bank behind them. There are good ones and bad ones. Sometimes a client wants a rate. The only one offering that rate at the moment is a bank that has a slower process. Sometimes even good banks can take longer if they are busy. More than anything it depends on the buyer too. If the mortgage company asks for documents and the client drags thier feet a couple days than it is the clients fault. Usually when we ask for documents we expect them the very next day unless otherwise noted.

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#24150 - 03/01/05 12:47 PM Re: Mortgage Process
Anonymous
Unregistered


Do they have answers to your question

Ease of contact and the amount of times items are requested

broker should request everything under the son including divorce papers, child support order or anything else

Your broker should be acting like an underwriter to make sure everything is obtained up front including letters of explanations for anything out of the ordinary

The only thing that should be missing from the file is the title and appraisal

Get suggestions from your friends and relatives
this is service industry so you will get what you pay for it but it shouldn't be far off from the competition

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#24151 - 03/08/05 01:52 PM Re: Mortgage Process
Susan P. Vanderburgh Offline
Member

Registered: 01/31/05
Posts: 71
Loc: San Francisco Bay Area
First, you should come to terms on what it is that you are looking for in service (i.e., Personality, process, etc.) Interest rates change. Credit scores have an impact on what loan programs you are qualified for. Mortgage brokers can be brash or they could be well-educated or they simply view each borrower as a number and "next" if you are not interested.

I have originated loans and I find that the way I do loans is very different from my colleagues. Their way works for them but not for me. My way works for me and not for them. I am very detailed; many people do not like details.

I call and I email my clients with face-to-face meetings when necessary.

I am present at the appraisal to meet the appraiser. I make calls to collection agencies. I call bankruptcy trustees and lawyers. I go to closings.

Real estate is different and the experience definitely depends on who you work with.

Does that make sense?
_________________________
Orange County Real Estate


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#24152 - 04/06/05 09:03 PM Re: Mortgage Process
Anonymous
Unregistered



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#24153 - 04/06/05 10:01 PM Re: Mortgage Process
Anonymous
Unregistered


you want your client to fully understand every aspect of their loan, so they don't feel confused.

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#24154 - 04/07/05 12:25 AM Re: Mortgage Process
Anonymous
Unregistered


check out lendingfacts.net

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#24155 - 04/29/05 01:57 PM Re: Mortgage Process
Greg Phillips Offline
Mortgage Professional
Veteran Member

Registered: 01/26/05
Posts: 1372
Loc: Lancaster, Ohio
Susan takes action. Her actions show her commitment. These actions re-assure you she is on top of things. Watch for things like not returning a call promptly.

Some loan officers avoid the negative. It is a sales atmosphere. Get a non-biased 3rd party opinion along the way.
_________________________

"Closing Mortgages Since 1999"
Web: Mortgage Loans Message Board Blog

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