How to approach today's home loan market

Things have changed in our market, but not as much as many people think. Here are some truths that I think everyone should keep in mind as they try to navigate this new world:

1. Make sure you can be reached by your loan agent in multiple ways and at all times. A home phone, cell phone and email address are pretty much essential these days to make sure you can make decisions on locking interest rates and providing documents on a moment's notice. Same goes for your loan agent, you should be able to reach them in all these ways, too and at all reasonable times.

2. Do NOT compare the interest rate you were quoted or on the loan documents you're about to sign with the rate you heard on the radio or from a friend who just did their own loan. Every loan is different and every borrower is different, and the interest rates reflect this. You need to talk to a loan professional (even if it's a competitor) to truly compare apples to apples.

3. Be prepared to give your loan agent documentation of anything and everything, and to get them these documents fast. Documentation, even over-documentation, is the new reality people. Embrace it, because it's here to stay, at least for the near future. And don't expect your agent to know everything they're going to need up front. That's just not realistic in today's market.

4. (MOST IMPORTANTLY) Make sure your loan agent is a partner in your dreams. Your loan agent should know things like what you want and need in a home, how long you plan to live in your current or new home, and how likely you are to need cash for any large projects. Your agent needs to know what your dreams are and buy into them so they can get you a loan that matches those dreams as closely as possible. This is not as easy as it sounds and it's what separates a great loan agent from the rest (NOT interest rates and closing costs). Your dreams are specific to you, and it's amazing how much a great loan agent can do for you when they become your partner in achieving them.

The great thing is that you can start this partnership even if you're NOT in the market for a mortgage right now. I speak only for myself in suggesting that you call your loan agent today, this week, any time, to start building a partnership to achieve your dreams.

Kyle Dane
707-364-0200
kyle.dane@gmail.com