Many loan officers are in the business of selling as many loans as they can, to whomever they can, in whatever manner they can. Commissions can be high and people can be upsold — and that can bring the wrong people into the equation.
The unfortunate result is that “loan officer” is almost synonymous with “used car salesperson.”
Salesperson or consultant?
If you call a salesperson asking to refinance, they’re going to do it as fast as they can. They’re out to make a quick buck. But a consultant is going to sit down and weigh the options with you, and see if refinancing is actually the right option for you at that moment.
You can tell the difference between a salesperson and a consultant by the questions they ask and how fast they’re talking.
Are they talking so fast that you can barely keep up? Or are they making sure you understand?
Are they explaining things in detail to you? Are they helping you understand the process?
Are they respectful of your questions?
Pay attention to their questions.
Are they telling you what’s going to happen next? Or are they just trying to get you to commit so that they can move on to the next person?
Are they asking you about your goals or needs when setting up your mortgage?
Are they asking you how long you plan on being in the house?
Are they asking what you want your monthly payment to be? Or are they telling you it’s going to have to be at the very top of what you’re comfortable with?
Find out how long they’ve been in the business.
Most of the fast-talking sales people don’t last long. They may come in and get a lot of business really fast. But eventually, their reputation suffers. They generally don’t last more than three to five years.
When choosing your lender you do have a lot of choice. Make sure you are putting your trust in the right person.
At Fairway, we’re not out to make a fast buck, we’re out to make lifelong clients. That’s a big difference.
If you have questions about lenders, home loans, the loan process, or anything else to do with home financing, hit us up. You can call 205–986–4220, connect with us on social media, or ping our website. We are happy to help you in any way we can.
— Ben Chenault,
Certified Mortgage Planner
MortgageBanc / Fairway Nmls# 2289
Copyright©2019 Fairway Independent Mortgage Corporation doing business as MortgageBanc. NMLS#2289.4750 S. Biltmore Lane, Madison, WI 53718, 1–866–912–4800. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Lender. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, License No 41DBO-78367. Licensed by the Department of Business Oversight under the California Finance Lenders Law, NMLS #2289. Loans made or arranged pursuant to a California Residential Mortgage Lending Act License. Georgia Residential Mortgage Licensee #21158. Licensed Nevada Mortgage Lender.