After purchasing my 1st home as MS4, refinancing it as PGY1, then attempting to refinance it as PGY2, I’m now preparing to purchase my 2nd home.
Honestly, working with so many mortgage officers over a spectrum of mortgage companies in the past, I felt lied to and talked down to 99% of the time, and hence developed a severe aversion to the mortgage industry. Here to share my past woes & my recent pleasant experience with you and hope that you will avoid the negative experiences I had gone through before working with the most awesome mortgage banker, Travis Woods from BOA, ever.
- Mortgage banker was based in Florida while I was in California. This made things difficult. Our time zone difference made a serious lag time in our communication.
- Banker had 30+ year experience in the industry; I had 0 (yrs). Serious asymmetry in knowledge. Banker tried to be sympathetic and stoop down to my level of lack of knowledge (I was learning really hard on the side & running all the numbers by myself in the dark, trying to keep up.) Banker got inpatient at times, understandably so.
- The entire mortgage process was fear ridden. I insisted on getting a 30 year fixed rather than ARM. He did try to get me to see ARM could be better. I didn’t appreciate his wisdom.
- Results: 4.375% 30 year fixed with 11% down Doctor’s Mortgage.
January-March 2015: Multiple Mortgage Companies to Refinance My 1st Home
- First company I came across, Cardinal Financial, had a wonderful mortgage broker, but the numbers were not great.
- Second company I worked with had the best rates/terms I found shopping around, but the loan originator was plain abusive, unkind, and crude.
- I ended up signing with the 2nd because the numbers are the best but developed worsening aversion to the mortgage industry.
- Results: 3.375% 7/1 ARM with 80% LTV, switched out of Doctor’s Loan
February-March 2016: Multiple Mortgage Companies to Re-refinance My 1st Home
- By this point, I am practically a mortgage banker myself. I could run all the numbers on excel first and predict what the loan officer will present to me: LTV, debts, liabilities, debt-to-income ratio, APR, interest rates & terms.
- Abuse has not stopped.
- Some better (i.e. responsive, transparent, efficient) loan originators may not offer the better numbers. But the one offering the best numbers was a jerk. If brilliant doctors can’t be jerks, why can mortgage bankers with good offers be as****?
- Results: Elected Not to refinance to 15 year fixed loan
The promised 4th time is a charm, hopefully.
Yet to be seen as closing date is 6/17/16. (will update this post on progress)
- I’m selling my first home, purchasing a second one.
- A BOA doctor’s loan mortgage officer was a breath of fresh air from the moment we met (on the phone) to the time when my loan application was forwarded to the underwriting department.
- This banker was empathetic, transparent, efficient, somewhat workholic like me, & really good with his numbers. (I respect mortgage bankers who do math better than me, even though to some extent I Expect all of them to do math better than me.)
- The mortgage process was not Fear-Anger-Frustration-Belittlement-Ridden. This banker partners with me to make the most financially sound decision.
- Results: I’m getting a 3% 7/1 ARM Doctor’s Loan with 5% down. (no PMI, as expected of all doctor’s loans.)
I have to quote Amber from the popular American television medical drama, House M.D.,
“All my life I thought I had to choose between love and… respect. And I chose respect. And with Wilson… I know what it’s like to have both.”
Now substitute with “All my life I thought I had to choose between the best mortgage and… the best mortgage banker. And I chose the best mortgage. And with this banker… I know what it’s like to have both.”
My humor at this point is the culmination of lots of tears and rage, I hope you don’t have to go through what I did to get a purchase/refinance mortgage. Set yourself up for success with a good banker. Please see my recommendation page for a good banker.
- What was your experience in purchasing in a home?
- Did you like your mortgage banker? Why or why not?
- Did you respect your banker? Did they demonstrate the same level of professionalism your patients expect from you?
- Would you recommend your mortgage banker or do repeat business with him?