| Should I be suspicious that my mortgage banker wont tell me the details of my potential loan?

Should I be suspicious that my mortgage banker wont tell me the details of my potential loan?

J-Blaze asked:


I’m in the process of getting preapproved for a mortgage loan. Initially, the loan officer said I would probaly qualify for $200,000 or a monthly payment of $1600-$1700. I went to the banks website, applied for preapproval, and the loan officer said the bank would give me a loan. I asked him how much I qualified for and he was vague. He said he couldnt tell me until I sent verification of my employment, w-2’s, and the address of my landlord. Once I got my letter, I would know the details of my loan. I sent the information he requested, but did not receive my pre-app letter because the bank has concerns about some things on my credit. He told me that the bank needed more info. I told him I would get him the info, but asked him about my interest rate and how much I qualified for. He said he would tell in a couple days once he takes the new info back to the bank. Shouldn’t he know the details of my loan if the bank is close to giving me a preapp letter? Is this normal procedure?

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Comments

2 Responses to “Should I be suspicious that my mortgage banker wont tell me the details of my potential loan?”

  1. caseysxyz on May 20th, 2009 1:31 am

    Welcome to US banking where no one really seems to know what is going on until the paper work comes out of the computer.

    The loan officer has been trained not to commit to anything until the final sign offs come down. He is also pressured to keep as many people in the approval process as possible. The combination to those two factors brings you to the present situation.

    Should you be concerned? No. Should you be steamed? No. Should you be impatient? Yes.

    Best advice is to ask the loan officer when will all these issues get resolved. If his time line seems reasonable, tell him you will wait until that date. However, your time is valuable and you may have to move on after that date. If his time line is unreasonable, thank him for his time, walk across the street and start the process again.

  2. Financial Strategist on May 21st, 2009 2:24 am

    You need to find a person that knows what they are doing!

    A license mortgage professional should be able to tel you the program and the rates that you are looking at when they pre-qualify you. You have given him most of the necessary 26 pieces that you need to qualify.

    One thing to remember is that rates change daily, but you should be with in the ball park of what you are pre-qualified when you close.