When buying or refinancing should you expect the process to be painless and hassle free? As much as a great mortgage professional can shield you from the nuances of buying or refinancing it is still going to be bumpy now and again. You are making the biggest financial decision you will make for some time to come afterall.

Will you be able to get the cheapest rates in Colorado with me? With all of the advertising dollars being spent by lending institutions to make the phone ring, I am going to tell you upfront NO, but my rates and fees will be competitive and truthful! But if you have ever stayed at a 5 star hotel after staying at a 3 star hotel you can describe to your friends which was better. One will offer you the lower rate on your room, but you might not feel comfortable while your there, and when you go to check out they may have added to your rate or fees. Now, since you have already stayed in the hotel you can't back out of paying them as your bags are packed. But the luxury hotel experience having been competitively priced will have you raving to your friends about how warm and fuzzy you felt leaving there. That is how I operate my business, to leave you feeling warm and fuzzy and wanting to tell your friends about my services.

How do I know you will take care of me Ray, and not mislead me? This is a great question and concern. Again you are trusting your mortgage and finances to me. I can tell you with over 5 years of mortgage banking experience, you can rest assured that I will have your back. If you would like I can also send you copies of blind customer surveys filled out at the closing table by previous customers. Being as my business is around 85% referral based I rely on being able to back up my word and makig sure my family of clients is not only taken care of but feels good about our relationship.

What types of loans do you specialize in? Being kind of an information geek, I have learned to read underwriting guidelines for loans to know for sure I can go to bat for my clients. Afterall, an underwriter approves your loan, but it should be approved before it gets to them. I have underwritten loans myself, so I can assist you with all types including FHA, VA ( I have one myself) , Investment property loans ( I have multiple myself).

What makes a great mortgage professional? A great mortgage professional is one that will advise you even when it means they don't earn a commission from it. One that can help you travel the maze of underwriting guidelines, home buyer programs, investment calculations, tax benefits of homeownership (including investment property tax benefits and 1031 exchanges), insurance knowlede on basic coverages, and most importantly planning for your future. With your home being a top tool in your retirement portfolio shouldn't they be able to?

What should you ask when interviewing a mortgage professional or researching them online? This is a big one, because it ultimately may determine who you work with!

~ Do you have an office I can meet you at? If they work from home or can only meet you at a coffee shop yoiu may be headed down the wrong street and stuck with a broker that might falter at the closing table.

~ Are you FHA / VA approved? This has become big with the increased mortgage insurance for conventional loans, and the credit crunch you could be paying $125 more per month if you select the wrong individual. That is $7,500 0ver 5 years.

~ Are you CHFA Approved? With the potential elimination of down payment assistance you could be left out in the cold if your lender is not CHFA approved. (only 13 lenders in Colorado are, and we are one of them.)

~ Are you a mortgage broker or banker? Chances are if they are a banker you might be in good hands. If they are a broker, you are subject to someone who will take basic information about you and pass it along to a wholesale account executive and expect them to tell you if you're approved.

~How long have you been doing home loans and Do you own your own house? Now there are solid mortgage professionals just getting started that may not currently own a house. However, if someone has been in the business over 2 years and doesn't own a house chances are they aren't doing very well and may be out to get paid as much as possible on every deal just to pay their bills that month.

~Do you have a website? This is kind of an off the wall question, but if you visit their website it will tell you alot about the individual you are working with. If it looks like it was made on front page then chances are you will get that same level of knowledge and service from the mortgage person. A website should be educational, informational, and have a blog to keep you up to date on relevant industry changes.

~How many loans do you close on average personally per month? If someone isn't closing 2-3 per month then again chances are that they may try to take you to the cleaners to make sure they can pay their bills that month. If you get an overall red flag in your belly about everything above and they tell you they are closjng 15 a month in this market, then they are flat out lying to you. If someone seems honest and has good representation then they will be in demand. If they are in demand chances are you want to talk to them more. That means other people trust them, want them to do their mortgages and they will take great care of you. Currently I will be setting up a second office in a Re/Max office as an in house lender for a staff of 24 agents. To have the backing of a Re/Max office means that you are in good hands here.

~With so many loan officers just now starting to do FHA loans, after burning people with sub-prime mortgages, make sure to ask this question!

So, _________ you have been in the business __ years, for how many of those have you consistently done FHA loans? and what percentage of your business has been FHA based? Having been in the business 5 years myself. I was presenting FHA as an option to my clients when the adjustable rate interest only craze was in full swing. Looking back, my initial business base of clients were all FHA, and we educated our clients on FHA when it wasn't as I call it the new "sexy" mortgage.

At your convenience, if you have any questions about anything you have read here feel free to shoot me an email or call 303.779.0591 x101 to talk further about your housing mortgage needs.

~Ray Williams, Branch Manager, Summit Home Mortgage Denver