So what should you expect from a loan officer when you are trying to get mortgage home loan to buy some Santa Maria real estate, you should know whether you are just being put in a situation that will result in nothing but a roller coast ride for you, because someone has hopes on cashing in on a possible commission whether it be your loan officer or Real Estate agent. This is a continuation from “Why Your Loan Did Not Close?”
IN A PERFECT WORLD WHAT YOU SHOULD EXPECT FROM YOUR LOAN OFFICER:
1) Make sure your expectations are in line with reality and not just what you want to hear. This is hard for most people and you can call it a little bit of tough love.
2) Get a real pre-approval, did your loan officer check your credit did he explain the numbers to you? I always go over the debt ratio and explain it even if the client does not understand or care to hear it but I make the effort to explain “WHY” they are or will be approved so its not just something I pulled out of the air.
3) Like any good relationship communication works both ways I have had clients buy stuff after I told them not too, and guess what they don’t qualify like they did but they were approved and they killed the deal themselves.
4) Your loan officer should realize that you are not just another commission check and that this can be very stressful process for you.
IN A PERFECT WORLD WHAT TO EXPECT FROM YOUR REAL ESTATE AGENT
1) Provide the sales contract once its fully executed I have had agents tell me after 2 weeks that they have an accepted offer and when are we going to close? But I never got the contract to begin with and I am just hearing about the fact that you have been in escrow for the last two weeks? So I guess my telepathy powers were on the fritz during that time or maybe I was suppose to find out through osmosis. I have even had Real Estate agents with hold information because they knew it may kill the deal, and I guess were on the hopes that the information would not surface. So make sure you are dealing with a Real Estate agent you feel is organized and not just doing this as a hobby.
3) COMMUNICATION, COMMUNICATION, COMMUNICATON your Realtor should communicate consistently with your loan officer and find out how and what is going on with your loan as well as let the loan officer in on any thing important or pertinent to the property, don’t wait for the appraiser to make his remarks on the appraisal then try to do damage control if it could have been avoided in the first place.
In closing there are GREAT REALTORS OUT THERE AS WELL AS GREAT LOAN OFFICERS!!! Sad thing is there are some that are not. Work with someone you feel comfortable with one of the good thing about this economy as bad as it is, is that it has done some weeding of some bad apples, since during the hey day so many got into the business it was not uncommon for someone to be breaking cement one day and a Real Estate agent the next on the hopes of raking in the commission checks. Also beware there are some new licensing requirements that loan officers and brokers will be going through, but not at the big banks. SO JUST SOMETHING TO THINK ABOUT YOU DO GET WHAT YOU PAY FOR OR AT LEAST SOME LEVEL OF EXPERIENCE AND KNOWLEDGE. I know that I am biased in this department but the big banks have been and contributed greatly to the mess we are in and some how are still able to reap big rewards from it all. As for Real Estate agents I do wish the entry to get into the business was a little more difficult to lessen the amount of unsavory people, maybe in the future the entry may become more difficult, to help deter those that are only looking to make a commission off of someone vs. making a difference to someone and their family.
Call me directly for a free consultation.
If you have any questions about buying a Santa Maria home for sale in the Santa Maria Real Estate market or any properties on the Central Coastand need to get a loan in Santa Maria, CA or any where in the state of so I California not just on the Central Coast, so I can do California home loans, and first time home buyer loans, as well as refinance home loans and just plain simple mortgage loans. So please contact me by sending me an email at: GenePerez@GMSLoans.net
I do also service all the nearby communities and other markets such as the Santa Ynez real estate market, Nipomo Real estate market, Arroyo Grande real estate market, Grover Beach Real Estate Market, and all other surrounding areas regarding the homes on the Central Coast.
my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better
information please let me know. I have been helping my clients for the last 15 years on the Central Coast, Gene Perez – 805-448-7101 , DRE 01321588
Important Disclaimer: Questions and answers provided on this website and by Gene Perez is to be considered general information, and is not intended to substitute for informed professional financial, tax, legal, investment, accounting, or other professional advice.
Gene Perez is Licensed Real Estate Broker for Valley Hills Realty and a mortgage broker for Greater Mortgage Solutions.
This blog and its content is copyright of Gene Perez 2010. All rights reserved. Any redistribution or reproduction of part or all of the contents in any form is prohibited other than the following: you may print or download to a local hard disk extracts for your personal and non-commercial use only. You may copy the content to individual third parties for their personal use, but only if you acknowledge Gene Perez as the source of the material You may not, except with our express written permission, distribute or commercially exploit the content. Nor may you transmit it or store it in any other website or other form of electronic retrieval system without obtaining Gene Perez’s permission.
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If you have any questions about buying a Santa Maria home for sale in the Santa Maria Real Estate market or any properties on the Central Coastand need to get a loan in Santa Maria, CA or any where in the state of so I California not just on the Central Coast, so I can do California home loans, and first time home buyer loans, as well as refinance home loans and just plain simple mortgage loans. So please contact me by sending me an email at: GenePerez@GMSLoans.net
I do also service all the nearby communities and other markets such as the Santa Ynez real estate market, Nipomo Real estate market, Arroyo Grande real estate market, Grover Beach Real Estate Market, and all other surrounding areas regarding the homes on the Central Coast.
my goal is to provide you with resources you need. I can also help in getting the financing for your home. If you have any suggestions or questions in how I can provide more or better
information please let me know. I have been helping my clients for the last 15 years on the Central Coast, Gene Perez – 805-448-7101 , DRE 01321588
Important Disclaimer: Questions and answers provided on this website and by Gene Perez is to be considered general information, and is not intended to substitute for informed professional financial, tax, legal, investment, accounting, or other professional advice.
Gene Perez is Licensed Real Estate Broker for Valley Hills Realty and a mortgage broker for Greater Mortgage Solutions.
This blog and its content is copyright of Gene Perez 2010. All rights reserved. Any redistribution or reproduction of part or all of the contents in any form is prohibited other than the following: you may print or download to a local hard disk extracts for your personal and non-commercial use only. You may copy the content to individual third parties for their personal use, but only if you acknowledge Gene Perez as the source of the material You may not, except with our express written permission, distribute or commercially exploit the content. Nor may you transmit it or store it in any other website or other form of electronic retrieval system without obtaining Gene Perez's 
