The Mind of an LO: Let’s Address The Inconvenience of Obtaining a Loan

How often have we all dreaded buying that new vehicle or refinancing our home? Thankfully it’s a process we don’t have to go through that often. Your past lending experiences may have left a bad taste in your mouth and if you haven’t experienced a loan process lately you may be surprised by how much has changed. I have a couple of sayings that I say often, (Or I may have gotten from my spouse because he’s a smart cookie); “Time is Money” and “Work Smarter, Not Harder”.

One positive thing I can say about our Covid19 social distancing dilemma this past year is that it has pushed us into utilizing technology and going digital. Although I have missed hugs, handshakes, laughing, smiles, and getting to know my clients face to face, there has been an aspect of convenience going digital for the most part.

In my time as a mortgage loan officer since October 2020, I would estimate that 90% of my clients I have not seen in person. In our digital world, I have adapted on preference. For example, I have a long-time Facebook friend who I’ve met at social gatherings in the past and we did her entire refinance with her uploading documents through my secure portal, and our correspondents were in Facebook messenger. There’s a big majority who will like an initial phone call to go over details, and then the rest of the process is via email. Then I have my clients that are uncomfortable and frustrated with technology, and I have no problem meeting up and collecting documents and scanning them in myself. We all work and learn differently, and my job is to make this process as seamless as possible.

I recently met with an acquaintance for lunch who expressed that she has done one mortgage and it seemed very invasive. I reflected on that conversation this last week, because I can completely understand the feeling. You’re basically laying out some of your most private details and personal information on the table. Your social security number, credit score, bank balances, income, past credit blemishes and so much more. It can bring out past trauma and regret. No one wants to talk about divorce, bankruptcy, credit card balances being too high and all that Jazz.

That part of this process is my favorite part of being a mortgage loan officer and that is because I have made all of those mistakes. I have fallen on my face more than once or twice finding my way as a young adult. I not only relate, but I have solutions, compassion and no judgment.

So is obtaining a home time consuming and inconvenient? It shouldn’t be! If you are trying to purchase a home or refinance it is for a reason. Those reasons I will dig into in a whole nother blog. On average there will be some collecting of paperwork, questions, and 2–6 weeks of waiting to close depending on your product. But it will be worth it. Just choose someone you like and relate to that is willing to work for you. Sometimes we may need a little wait time to handle some of the points I listed above (credit, bankruptcy, debt to income), but I will not give up on you and your goals.

Please reach out to me with any questions. I care and I’m here to help.