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I have been in the Banking and Finance industry for 16 years and real estate for 12 years. I do not consider myself an expert in these fields. To claim that would be like saying I'm an expert in internet marketing. In comparison, keeping up with mortgage products and guidelines is like trying to keep up with internet technologies. So please view Wayne's World as an opinion and NOT the general consensus.

What Is the first question that comes to your mind when thinking Mortgages?

Mortgages. Its funny, but it seems that the most common question I hear from people is "What are your interest rates"? Almost as if that was the only question taught to the public in mortgage school 101?

I don't mean to sound uncouth but its true. The same old question, What is your interest rate? You would almost think people are programmed to ask that same question. You know what, maybe they are?

Read further.

Think about it, what do most people really know about mortgages. Considering the average person will buy maybe 3-7 homes in a lifetime, it takes at least three purchases just to begin to understand a bit of the terminology. Heck, it took me two years to feel comfortable with the full comprehension of basic mortgage terms working in the biz almost 24-7.

I can recall my first day in the mortgage business. The manager accidentally dropped a 3-inch thick book with a thousand or more pages on my desk. At that time I could barely finish reading a magazine article, let alone two pounds of text with no pictures.

Ka Boom!!

Ka Boom! The book dropped. I looked up at him thinking to myself you've got to be kidding, right? He said, "Everything you need to know about the basics is in there."

So being the *never give up* type of guy I am, I again said to myself, This stuff cant be that hard to learn. After all, its just a matter of requesting the money for a qualified borrower to buy a home and giving it to the seller right? Wrong.

With little confidence, but a burning desire, I opened to the first page. My eyes zeroed onto the first paragraph. I began reading it slowly because I'm also the type of person who is a slow reader. But once I comprehend the information, it is in long term memory for good. So I finished the first paragraph and then laughed at myself because I didn't understand a word it said.

I Couldn't Even Understand The First Paragraph.

Then, I think I must of reread the paragraph a few more times, I cant remember.

Have you ever started to read something but because it was so boring and meaningless your mind started to drift to another thought while reading? Well, that's how this stuff reads.

Now for the fifth time rereading I became serious and decided to focus and roll up my sleeves for an attorney read. Figured I would dissect each sentence. Got to the bottom of the paragraph and again NADA. Didn't understand a blooming thing. I then knew I was in for a long haul. Here I was with my newfound career and I couldn't get past the FIRST PARAGRAPH!

Sixteen Years Later.

Well here I am 16 years later. I can honestly say it was not easy. I'll stick with the younger version of my pic too ..reflecting a lot less gray hair and stress:)

So whenever I get the proverbial question What is your interest rate? I recognize that question as being the extent of most peoples knowledge when it comes to mortgages. I then reflect back to where I was in the beginning of my career and try to understand the concerns of my clients so that I'm able to relate to them.

My most challenging predicament is trying to explain to clients with little mortgage knowledge that there is so much more to mortgages than interest rates. This can be difficult if not impossible to do since many have been directed by friends and family to try to get the best rate possible.

Why? Why? Why?

Many times customers are concerned and fearful of making the wrong decision. It can be difficult to find a mortgage company who will work honestly and in the best interest of the clients pocketbook.

So who do you trust when looking for a mortgage? And what mortgage type is best for your situation? What about little issues affecting you're credit rating? Who can you trust and disclose your sensitive issues to? And what about the credit issue that was not your fault? And why is all this information so conflicting? And why can one person offer me such a low rate and the other can't? And why does one-person sound like they can get me an approval and the other is not sure? And why, why, why?

What Rules Should You Follow When Looking For A Mortgage?

A couple of rules to live by when shopping for a mortgage. First, make sure the person you're talking to has at least two years experience in the business. It takes at least two years just to start understanding the language as mentioned above. The second most important aspect when looking for a mortgage is to find a company experienced in all loan products A-Z. This will save you huge amounts of time and you will be offered more than one option to choose from. Also you will always have a plan B option if plan A fails you. Thirdly, it is very important that the company has excellent problem solving skills. This is a hard one to recognize.

Typically, if the company is offering one-stop shopping with A-Z mortgage products it may be a good indication that they have been around for a while. Very few companies can do it all simply because it is difficult to find experienced people in all areas in this industry. Excellent problem solvers are either running their own companies or are working for major banking institutions as underwriters. So, to find a good problem solver (loan Originator/Loan Officer) in the mortgage industry that is still serving the general public is a valuable commodity.

Be Selective When Sharing Sensitive Information.

Hopefully I have given you a little more insight to the mortgage industry in this article. It can be a scary process finding the right mortgage company especially when absolute strangers end up learning about many sensitive issues of your private and personal lives, because of credit report explanations, divorces, career changes, relocation issues, and unfortunate financial mismanagement, just to name a few. But if you apply these three simple guidelines while searching for a competent mortgage company you will not be wasting your precious time giving your sensitive information to companies that may not be able to help you.

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