If you are in the market for a mortgage, whether it is for a refinance or a purchase, chances are you start looking for a mortgage company by asking your friends.
Many of your friends will tell you to avoid certain companies and others will tell you their experience with a certain company was great.
I’m telling you right now… Ignore all Referrals to “Companies”.
I worked in 3 different mortgage offices and let me tell you… there were people I worked with that I wouldn’t even trust to buy me milk and eggs at the store let alone handle my personal finances.
Loan officers see pretty much every aspect of your financial situation. They know…
- How bad your credit is (or good).
- How much debt you have.
- If you have collections.
- Any Foreclosures or Bankruptcies.
- How much money you make.
- Where you work.
- Where you live.
- How many kids you have.
- You middle name.
- Your moms middle name.
- You cats middle name.
- ETC ETC.
The point is that you need to be able to trust this person that handles so much of your personal information.
Secondly you should not have a friend or family member do your loan if you do not want them to see all this information.
So there is a fine balance.
The reason why you should ignore referrals to companies is because you want to find out which INDIVIDUAL loan officer within that company is trustworthy and competent.
If you just call up the company they will assign you to which ever loan officer is on the list… this is too risky.
If your friend tells you “I used ABC Mortgage and they did a great job.” That reflects mostly on the individual who completed the loan for them. Ask them for a name and a direct phone number. If they do not have a name ask them to check their paperwork and the loan officers name will be on the paperwork. It has to be… they sign it.
Referrals should be based on people, not companies.
Remember to checkout our Mortgage Help Tips.
*If you live in Washington State and need a quality loan officer you can check out Clark Davis. I just sent my own parents to Clark, that is how much I trust him.