It’s not easy to pick a good South Eastern Michigan mortgage loan officer especially if you have never used one before. Why do I say that? Because you do not know if the loan officer will be responsive or communicate with the client. You never know how the back room of a lender is until you use them. You do not know if the mortgage loan officer has fall out where the loan does not close or do they close 99% of their loans. It is like rolling dice if you have never worked with a lender or loan officer before. I have had clients cry to me over their choices of loan officers. Nothing is more frustrating than your client upset with a bank and you can’t get through to them. Todays South Eastern Michigan home buyer’s tips is about why you should use the realtor’s recommended lender.
You have to have trust and believe that the SE Michigan’s loan officer will do what they will say. Then the second part of the equation is how good is their back room. How tough are the appraisers and underwriters? Will they talk to you? These are all issues with a buyer getting their own bank and lender. If it is your problem, then it becomes my problem. If you are buying a home whether it is in Wayne County, Livingston, or Oakland County MI we want you to close the deal so you can enjoy your new home.
My goal is to help you find a home at a good price that fits your needs and wants, but I also want you to be treated fairly by whoever I recommend. I am all for the buyer, my client getting the best rates and lowest closing costs. However if it is just average interest rates and normal fees then poor service and lack of communication can be very frustrating. I have some nightmare stories about lenders. I have had a clear to close on a loan and closing on the loan the next morning to only have a big bank call me at 6:30 the night before and tell us that we are not closing at 10 am. No in-depth reason because of privacy laws. We did not close the loan that day and my client was very upset. I had to climb the corporate ladder to get somebody involved to get the deal done.
The word push should never be used when suggesting a lender. I suggest several lenders once and then it is up to my client on who they use. I like to get a few names for the client to chose from. We recommend mortgage lenders and loan officers that we have worked with in the past. The ones that get the deal done a 100% of the time, that have reasonable rates and fees. Mortgage loan officers that you can go to and find out the real issues and that they are going to take care of the problem. Loan officers that call you back. They are experienced and know what they are doing. That’s why we use them. I get no kick back from them. They do not send me tickets to sporting events, or big gift baskets. It is simply that they do good work. Let me share with you one of my bad experiences.
I am going to tell you a story about one Metro Detroit loan officer that I am dealing with. I am a realtor and have been a mortgage person. So I know both sides and a loan officer can’t pull the wool over my eyes. The buyer was a CEO who thought he knew it all. He hired a bank loan officer based on her looks. She talked him into using the banks out of state title company. My client wanted to be their new lake home for Memorial Day weekend. 8 days before closing the loan officer emails me and says the title company is having problems and that I should fix it. She hired them, but she wouldn’t pick up the phone to fix the issue. She pushed it off on me. The out of state title company was so bad that they didn’t know how the Michigan title system worked. They fixed the first problem only to have an argument with an in state title company on how much taxes to be pro-rated. They didn’t have a clue. This bank had been bad in the past. I had two horrible deals with them. One took 65 days to close. I would have never recommended them but the buyer picked them. He would have been better off with another lender. Would I ever recommend this bank…..absolutely not. And I do not want you to suffer through their bad service either.
I do want a prospective buyer to have a pre-approval letter. Simply because there are people that cannot get approved. I do not have time or the sellers do not want buyers that are not pre-approved walking through their house. My time is valuable, if you don’t have the time or inclination to get a pre-approval letter then you are not that interested in buying a South Eastern Michigan home. My goal as your real estate agent is to get the deal closed for you without having a lot of frustration or problems. So why hire an unknown? Sure some are good, but I have some really bad stories. I just get frustrated when my clients are taken advantage of with a high rate or high closing costs or poor service. That’s why I recommend several mortgage lenders because they are good at what they do and they get the job done.
Here are three people I recommend.
- Steve Stork – Summit Mortgage cell (248) 755-3701
- Rick Rozman – Exact Mortgage cell: 734-564-0740
- Angelika Trudgeon – Flagstar Bank 586 292 0121
- Marc Edelstein – Ross Mortgage (248) 379-6749
Whether you are buying a non lakefront home in Metro Detroit, a house with a couple acres, a subdivision home, or a lake property in Oakland County Michigan…..would you not agree that a tried and true loan officer that gets the job done is worth recommending? I hope this Southeastern Michigan home buyer tips help you. I just want your road to a home purchase to be free of any bumps.
Russ Ravary your Metro Detroit realtor….give me a call on my cell to get started on your home search (248) 310-6239