You should always interview a mortgage professional before allowing them to obtain your mortgage. The main thing that we need to establish here, is that you are interviewing them not the other way around.

Before I became an independent "mortgage closing cost consultant", I worked for both mortgage lenders and brokers originating mortgages. These days I work directly for the home buyer to reduce their closing costs, no matter where they obtain a loan.

Through the years I have witnessed more unnecessary drama and heartache due to incompetence than you can imagine. That's why this information is being offered.

I inherited many loans that never made it to funding (completion) at other firms. There were two major reasons that I ended up working on these loans, blatant misrepresentation or sheer incompetence.

There is a huge misconception with many people today, that the professionals they do business with, are the ones that should set the agenda for their transaction. Wrong!

It is not only your right, but also in your best interest to make certain that you are being represented by a competent firm and individual. Any professional in any field, that thinks they are above you or your questions, has serious ego issues and you probably want to seek another resource.

That being said, it is absolutely necessary to enlist the aid of skilled professionals to accomplish your home buying goals. Treat them with the respect that their expertise deserves, while simultaneously setting a posture that YOU are the one hiring them, not the other way around. No one wants or deserves to be treated as an inferior, so I am not suggesting an arrogant attitude, just a confident one.

Whether it is through sheer incompetence, or simply a lack of knowledge in their industry, your mortgage professional can cost you big bucks if you aren't careful! Selecting the right one is crucial!

Let's examine a few real life examples of how costly some of these mistakes can be.

Your mortgage representative "pulls" your credit. He or she then goes on to give you a "quote" and "qualifies" you based upon your credit score.

There's just one problem, because they are inexperienced (or just want to save a few dollars) they only pull one credit bureau instead of all three. There are three different reporting agencies Equifax, Experian and Trans Union. Almost all lenders use the middle score because the scores are very rarely the same.

I have witnessed (and inherited clients) because of this "minor detail". Later when all three were pulled they were actually denied funding or offered much worse terms than originally quoted. They left that mortgage company dejected and disgusted, and in some cases lost the home they had made an offer on.

Another example is, a well meaning but inexperienced individual provides you with a Good Faith Estimate, but doesn't understand it well enough to provide accurate numbers. They may inadvertently leave charges off that should have been shown. You have no way of knowing what they may have missed. Any guesses when you will find this "oversight"? Some of you already know the answer from previous experience. The day before closing on your house!

There could be a sizable difference in what you are required to bring to closing. In some cases, it can mean coming up with thousands of dollars that you just don't have. It can also be a big enough difference that you are unable to go through with the purchase of your home altogether.

Here is one last example of unintentional sabotage to your purchase. Your representative doesn't submit a "full package" to the bank. He or she leaves out a pertinent piece of documentation, forgets to order title or survey soon enough, or a multitude of other things necessary to get a "clear to close" from the bank.

Now that may not sound like a big deal. But it becomes a big deal when one of two things happens. The interest rate lock expires on your loan and you get stuck with a higher rate. Or the Seller may have gotten a better offer since signing your purchase agreement, and now your purchase agreement expires and he sells to someone else. You have just lost that home forever!

Remember, a home is one of the most important purchases you will ever make. Be sure to take the time necessary to learn how to interview a lender before allowing them to represent you.

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