The purchase (or refinance) of a home consist of complex financial decisions that will affect the household budget, retirement savings and overall financial security of its occupants. Therefore, choosing the right mortgage loan officer is arguably one of the most important decisions during the home financing process. During the mortgage loan process, decisions affecting the remainder of the homeowner’s life will made. These decisions should be grounded on experience based judgment and sound market information, all of which the mortgage loan officer is expected to provide to the homeowner. In addition, the right mortgage professional will be able to understand the homeowner’s financial goals in order to forewarn and steer them to suitable and prudent mortgage products that will enhance their efforts to achieve their financial goals
A good mortgage loan officer should be knowledgeable of the mortgage market’s past and present activity and able to translate the relevance of these markets to the mortgage application process. A loan officer that has experienced the “up & downs” of the bond market and “cycles” of the housing markets, can demonstrate significant value when the decision making process needs a realistic forecast of industry conditions the homeowner may encounter during ownership of the property. Prior to the current economic crisis, millions of homeowner’s were advised to accept two year adjustable-rate-mortgages (ARM), a year before the collapse of the housing market. As a result of these actions, millions of homeowners are now homeless or facing foreclosure. This financial fiasco was a direct result of improper advisement by loan officers and bank officials. These loan officers failed the true intention of the mortgage applicants, but more importantly could not relate the real consequences of those “intentions” to their clients…the homeowner.
The mortgage industry is a trillion dollar market and navigation of the mortgage process requires the precision of a surgeon. Indeed, the choice of a mortgage professional is much like choosing a family physician. Although there are several loan officers within one’s community directory, there is one professional that is time-tested and knowledgeable enough to meet and surpass the homeowner’s expectations while providing honest and realistic financing options. Like a doctor, a mortgage professional should be able to listen to the concerns and goals of their client, and offer information on the latest conditions and trends of their profession. A true mortgage professional takes the time to explain the definitions and financial significance of the particular terms and rates available to the homeowner, as well as the real costs and consequences on choices of mortgage options. A mortgage professional that have served in the industry for a significant amount of time can provide past and present client referrals that will demonstrate the reliability of their guidance. A loan officer demonstrating professionalism and projecting the mental fortitude to guide a homeowner through a often foreign loan process, is the right choice when matters that concern financial health are involved. After all, purchasing a home has often been touted the largest and most complicated financial transaction the majority of people will ever experience, so why trust that operation to anyone?