This FREE Online Report reveals…

 “How ANY Home Buyer Can Protect His/Her Family from a Bad Mortgage Loan Program…Even IF You Have Already Been Pre-Approved for Your Mortgage.”

We Have All Heard Horror Stories of How a Mortgage Loan Officer Took Advantage of Someone We Know.  The Truth is There are Bad Mortgage Loan Officers Who Will do Anything to Make Sure They Have a Paycheck.  Often Times, by Putting People in Bad Loan Programs.  After Reading This Report, I GUARANTEE You Will Never Feel Unsure of Your Mortgage Loan.

From the office of Jimmy McCall ~ Clarksville’s Mortgage Consultant

Dear Home buyer,

My name is Jimmy McCall a Mortgage Consultant in Clarksville, Tennessee and I specialize in giving mortgage second opinions.

And I’ve got a question…

Has this ever happened to you?

Have you ever been talking to a friend about his mortgage experience…

…And he scares the fire out of you?

Or, are you going through the home buying process yourself for the first time and just don’t know if you are making the right decisions?  Who do you trust?  After all, your Realtor and Loan Officer get paid on commission and your friends have very little experience on the subject.  How can you not be “unsure” of who is looking out for you?

If you’re facing a situation like this, then you will be excited to hear the incredible message I’m about to share with you in this "2 part report."  

First, I am going to share with you the top 6 complaints about the mortgage process.  I will break down each complaint in a short easy to read response.  You will find out how a Good Mortgage Consultant who is looking out for your best interest will address the situation and how a Bad Mortgage Officer looking for a paycheck handles the same situation.  The second part of this FREE report, I will discus the importance of getting a second opinion when purchasing a home. 

By the end of this FREE report, my goal is to educate you on what to look for when talking to a loan officer. 

By giving this information I hope you will consider interviewing me when you are looking for a second opinion.

Schedule a Mortgage Second Opinion interview with Jimmy

Part 1: Top 6 Mortgage Complaints

1.   “The closing costs were way more than what he quoted.”

While the original Good Faith Estimate (GFE) is an estimate and there are things beyond the loan officers control (insurance estimates or closing agent fees) the GFE should be in the ballpark or with in 10%.

Good Mortgage Consultant- will error on the conservative side to make sure his clients are not surprised by an unexpected cost.  He will make sure you have the funds to purchase the home.  He is also willing to stand by his Good Faith Estimate with some sort of guarantee.

Bad Loan Officer- low balls the GFE to trick you into using his services.  Then when he reveals the true closing costs the day before closing he knows it is too late to change lenders and close on time.  He takes advantage of human nature and hopes you have the money to pay the extra amount. If you don’t have the extra money the he chalks it up as one he would have lost anyway had he told you the truth up front.  Then he proceeds to his next victim.

2.   “I was at the closing table with the attorney, both Realtors and the sellers and the rate has changed.  The loan officer is nowhere to be found.”

The interest rate on a loan should be locked in several days prior to the closing.  There is no excuse for the rate to change at the last minute.  You do not want to be in a room full of people staring at you and wanting you to sign a document you agreed to sign.  Even though the rate has changed and it is not what you agreed to you may find yourself signing something not in your best interest to please these other people.  Few people have the will power to walk away from this situation.

Good Mortgage Consultant- will inform his clients about the advantages and disadvantages of floating the rate versus locking the rate.  Should the client choose to float the rate he will update his clients on the changing market regularly, at least 2-3 times per week.  He will suggest an optimal target rate and a date in which the rate must be locked by; thus, no surprises at closing.  He is also willing to explain how he is compensated on the interest rate he charges you.

Bad Loan Officer- will tell the clients not to worry about the rate and tell them we will get a good rate.  He will not bring up rate again.  All the while he is watching to see when he can make the most commission on the interest rate.  When he doesn’t see he can be compensated fairly he raises your rate.  Once again he is taking advantage of human nature and probability that you will accept the high rate.  Subsequently, he makes a fat commission for himself.

3.    “I put an offer on a house, got a commitment letter and did all this paper work and the day before closing the loan officer tells me I am not approved for the loan.”   

Things do change about the buyers’ situation that can cause them to be denied for a loan at the last minute.  A majority of lenders will do a final credit check just prior to closing.  If the clients have added to their debt ratio or have been late on a payment prior to closing this could cause the loan to be denied.  However, if the buyers’ situation has not changed then the loan officer didn’t know his product.

Good Mortgage Consultant- will review the clients’ financial situation prior to writing a commitment letter.  He knows the underwriting guidelines and asks questions of the underwriter if warranted prior to writing a commitment letter.  He takes pride in his reputation and states any possible pitfalls in the commitment letter.  A commitment letter from him is respected amongst Realtors.

Bad Loan Office- is willing to shoot from the hip.  He will glance at the buyers’ finances and make a quick determination.  If he thinks there is a chance it might get through underwriting he will send out a commitment letter.  He is not concern with his reputation or all the parties involve in the transaction.

4.   “My loan officer told me that an Adjustable Rate Mortgage was the best loan for me.”   

An Adjustable Rate Mortgage (ARM) is only one option used to finance a home.  There are a lot of factors that go into determining if an ARM is appropriate.  In this era of low mortgage interest rates it is important that your loan officer explains all of your options and not focus in on a specific preference.

Good Mortgage Consultant- will ask questions designed to determine which loan options are best suitable for you.  Then he will explain the different options before making his recommendation.  His goal is to provide a mortgage that works best for your family.

Bad Loan Officer- will use an ARM as a way to induce future business.  He may even suggest that you should take advantage of the lower rate of the ARM with the intentions of refinancing the loan in a few years when rates go down or your credit has improved. 

5.   “Closing is delayed again?” 

There are many reasons for a closing to be delayed.   Some are just out of the loan officers hands.  Items like titling issues, inspections and even appraisals may not be the fault of the loan officer.  However, because of the timing involved to process a Real Estate transaction an unorganized loan officer will be hard pressed to close on time.  And an extended delay or delays is just inexcusable.

Good Mortgage Consultant- is an organized person with a system in place to make sure the closing happens on time.  He is the coordinator of the closing.  He has relationships with home inspectors/ appraisers and because of the volume of business he refers them his business is a priority.  He is able to anticipate delays and has procedures in place to maintain the timetable.

Bad Loan Officer- put the closing in other people’s hands hopes the closing will happen on time. 

6.   “He didn’t even show me how I could pay off my home sooner.”

The term (or the number of years) of the repayment period is a vital component of structuring a mortgage.  You may be surprised on how little the difference in monthly payment there is between a 15 year and 30 year term.

Good Mortgage Consultant- has a variety of loan programs to share and is willing to explain the different options.  He will show you why the interest rate is lower on the shorter term loan.  Then enlighten you on the savings you will receive over the life of the loan. 

Bad Loan Officer- will focus in on the type of loan you suggest to him.  He will never consider if you can afford the payment of a shorter term.  His concern is his commission and not you best interests.

Schedule a Mortgage Second Opinion interview with Jimmy   

Part 2: You Owe It to Your Family to Get a Mortgage Second Opinion.

When people hear the words “Second Opinion” they instantly think of a surgical procedure.  If a doctor gave you the news you had a serious life threatening medical condition your first thought would be, “I need a second opinion.”  However, when it comes to the biggest financial decision in most peoples’ lives (a mortgage) very few people consider the option.  Considering most people’s mortgage payment is going to take 25% to 40% of your income to pay...

…You owe it to yourself to get a second opinion!   

When shopping for a mortgage it is your responsibility to sure you are getting the absolute best deal?  I'm not talking about interest rates either!   Don’t get me wrong, I think the interest rate is a vital component of securing a mortgage.  However, too often I see people blinded by the lure of having a low interest rate.  These same people who will brag about a great rate may have spent thousands of extra dollars to get that rate.  It is my belief that the structure of a person’s mortgage is what determines if they received a good deal!  You may be quoted the best interest rate every, but if you’re not financial able to make the payment over time, that great interest rate might just be attached to the worst loan for you.

Schedule a Mortgage Second Opinion interview with Jimmy   

The reasons for not getting a second opinion on a mortgage vary but I have come to believe the number one reason is "just laziness".  People do not want to go through with the interview process again.  It was very time consuming the first time and why would you want to do it again?  Well, it might just save you several thousands of dollars!  Sounds like a good reason to me.  Besides, you already went through the process once, you have the information you need, and your loan proposal can be reviewed without you being present.

Here is a common excuse I hear:  “I HAVE YOU ALREADY BEEN PRE-APPROVED.”

 What exactly have you been pre-approved for what?  Are you getting the best program that suits your needs?  Are these the best rate and terms possible?  The only way you will know for sure is to compare.  It never ceases to amaze me how the original loan officer is able to find a better rate or be able to drop a junk fee when he finds out his clients got a second opinion from me.  He wasn’t willing to do that before he found out he had competition.

Another excuse I hear:  “I ALREADY FILL OUT AN APPLICATION WITH ANOTHER LENDER.” 

Signing an application doesn't obligate you with any lender.  However, it does obligate them (by law) to produce a Good Faith Estimate within three days.  The Good Faith Estimate is your secret weapon.  A good mortgage consultant can find out a lot from this document and can start to get a since if you are getting a good deal.  Your priority should be getting the best rate, terms and program possible!  Not, letting a loan officer take advantage of you.

My favorite excuse:  “I DO ALL MY BUSINESS AT THE BANK, THEY HAVE BEEN SO GOOD TO US.”

Banks do have more flexibility on certain loans (loans they are willing to carry in house) but overall they lend money under the same guidelines as mortgage brokers.  When bank mortgage loan officers were paid salary they may have been more willing to look out for your best interest.  However, in the last year we have seen a major shift in how bank mortgage loan officers are paid.  Most are now commissioned salespeople.  They no longer have the comforts of that weekly pay check.  I have heard some of these loan officers are no longer spending the time with clients they once did because they are more concerned with chasing their next pay check.

The biggest reason people choose not to get a second opinion: “PRIDE.”

No one wants to be wrong!  Who wants to be told that the person you picked was not looking out for you?   Do you have the courage to find out your first choice was wrong?  Considering what is at stake I think it I would be willing to suffer a little humiliation to save some money.  By finding out you were wrong is the right thing to do.  So, in actuality it makes you right.  Right?  

Bottom line: It's never too late to get a Second Opinion!

If your loan officer falls into the Bad Loan Officer category in the “Top 6 Mortgage Complaints”, you definitely need a second opinion on your mortgage.  All you have to invest is a little time to see if your mortgage has been structured correctly.  Wouldn’t you agree, an hour of time now is worth avoiding a 30 year mistake?

Contact me today to Schedule a FREE Mortgage Second Opinion interview.  I will be happy to give you a second opinion on your current mortgage proposal.

At the end of our meeting if I can find no problems with you current loan proposal simply walk away with the confidence your lender has done a good job.  On the other hand, if I find better options you may be entitle to save some money.  Either way, you win. 


"You literally have NOTHING to lose when you get a Mortgage Second Opinion!"



Thank you for your interest and I wish you the best in your search for a home mortgage.

Sincerely,

Jimmy McCall