Parker Mortgage Tip: First 2 Questions in Selecting Your Broker
ByIn today’s Parker Mortgage Tip, I recommend that you ask your Broker two questions. They will help you determine whether you should even consider getting your mortgage Parker or Colorado home loan from him/her.
I’m only going to address the first two questions that you should ask. They will help you eliminate the non-professional loan originator very quickly.
Questions to Ask – Next Parker Mortgage
What is your rate for a FHA 30 year fixed loan? Use any loan scenario, i.e. Conventional 30 Year or a 3 Year Adjustable Rate Mortgage, etc. It doesn’t matter what the loan program is but what matters is the response. If the Mortgage Broker tells you a rate without asking any questions, you do not want to do business with this person. Say Goodbye and go to the next one. A true mortgage professional will not quote a rate without first knowing more about you and what type of transaction it will be i.e. W-2 employee or Self-Employed, your Credit worthiness, estimated property value, loan amount, a rate term or a cash out loan, etc. This would be the same thing as going to the doctor and he/she prescribes medications for you without knowing anything about you and your medical history. That is called “Malpractice!. This doctor would be negligent and would violate the code: Do No Harm. The results could be fatal or you have long term disability. The mortgage industry is no different. You could become financially bankrupt on your next Parker mortgage or Colorado home loan if you don’t work with a true mortgage professional.
Below is next question to ask if the Mortgage Broker asked you a lot of questions and properly determined what your situation is and what your mortgage Parker or Colorado home loan goals are. It’s a simple, but a very revealing question
Do You Own Your Home? There are two reasons to ask this question. First, it will take the Mortgage Broker by total surprise. You want to see how the broker handles surprises. Does he become defensive, does he ask why you want to know, does he give excuses for not being a homeowner, or does he just answer with a Yes or No? You will be able to learn a lot about a person’s ability to handle surprises and stress. The second reason is you want to work with someone who has gone through the home-buying process. For instance, it is like knowing the difference between being a mother who has actually gone through child birth versus someone who has just read about it. Isn’t there a big difference? Definitely! You need to protect your biggest financial asset. It is very important to get the professional mortgage advice for your next” mortgage Parker or Colorado home loan and it all starts with the selection process.
In my next Parker Mortgage Tip, I will share a couple more questions to ask Colorado Mortgage Brokers when you shop for your next mortgage Parker or Colorado home loan advisor.