“I am going to throw up” was the only text in an email forwarded to me from James (name changed). I got this email two months ago, as we were preparing to launch Maxwell. It reminded us of the importance of working with a great loan officer.
When he started looking for a home, James, was excited about the prospects of home ownership. He looked forward to a place he and his young family could make their own. Fast forward 40 days later and feels of hope have been replaced with the feelings of nausea.
James sent this email because he just learned that his closing would be delayed – for the second time. When the original closing date was set, he arranged (bought plane tickets!) for family to help with the move and some home repairs.
This all could have been avoided if James’s loan officer would done a better job communicating issues. As an example, James received this email only a day before closing…
If you are playing at home, that’s eleven requests that James’s loan officer made a day before closing! Almost all of these questions could have been answered well before this point. Great loan officers surface issues in advance and help you gather the information needed.
Most of us start to shop for a mortgage online – 70%, up from 0% 20 years ago. While shopping is a great idea, the internet can let you down in a couple of key ways:
- The interest rates you see online are marketing rates and not personalized to your situation. Depending on your financial situation, you may get a rate lower or higher than what you find online.
- Most shopping compares only rate and not the reputation and quality of the loan officer. James got what he thought was a good rate. It turned out he worked with a less than stellar loan officer and this ended up costing him in the end.
Maxwell is a mortgage marketplace with the best loan officers. If you’re using Maxwell to find a great loan officer, you’ll be able to read reviews and see how many real estate agents have endorsed a loan officer.
If Maxwell isn’t available in your area (yet!), talk to other home buyers to see who they would recommend.
Buying a home is the largest purchase of your life, plus it’s complicated. Find a loan officer that is well respected in the community and can help you navigate this process.