There’s a Lot more to a Loan Officer than Interest Rates

I often get calls that start out by asking the same question: “What are your interest rates?”

It reminds me of the time when a distant relative purchased a home. I quoted him an interest rate and when I called to follow up to see if he wanted to set up a loan application appointment, he told me that he ended up going with a lender who had a lower rate.

Fast forward 3 weeks later. The same relative called in a panic.  One week before the scheduled closing date, you know what happened, right?  His loan had been denied by the other lender due to too much debt.  The other lender told him there was nothing more he could do.  Case closed.

So, the file was transferred and yes, he had too much debt. But, by paying off one of the credit cards (yes, he got a gift to help him out), he qualified and closed the loan.

Here’s what I have found when a file gets transferred to me from another lender:    

• Some lenders “lowball” the interest rate just to get a loan in the door.
• Some lenders don’t obtain a credit score BEFORE quoting an interest rate.
• Some lenders don’t review the file before it goes to an underwriter.
• Some lenders just don’t know the mortgage rules.

I wanted to tell you my story because if you find that you are having problems getting one of your real estate transactions closed, I’m available to give you a “second opinion.”

I want you to know that “I’m more than just a loan officer who quotes interest rates!”