It is paramount that you work with a mortgage professional specialized in your unique situation, just as it is important to go to an expert who specializes in your medical condition. In other words, I would not go to an orthopedic surgeon if I had a heart problem. The orthopedic surgeon may be able to give me a general diagnosis and tell me that I need a heart specialist, but he’s not going to be able to diagnose and treat me on the same level as a cardiologist would.
This is also true with a loan officer, but the importance of choosing the right specialist is not so obvious in the mortgage world. For example, when you visit a Realtor who tells you the best loan officer on the face of the earth is Bob, that’s probably at least partially true. Bob is probably a fantastic loan officer, but if Bob, the best loan officer in the world, is not dealing with physicians all the time, he’s going to miss something. Loan officers who have no experience with physicians are not going to know every solution. They’re not going to know every pitfall, and they’re not going to be able to guide you through the transaction and into the closing without having a bit of a learning curve.
I don’t want an orthopedic surgeon going through a learning curve, figuring out why my heart’s not working. You don’t want a loan officer going through the learning curve on what rules and underwriting guidelines apply to student loans, down payments, sign-on or relocation bonuses, and closing before you have your first paycheck stub from your new position.
When interviewing a mortgage lender, simply ask, “How many physician clients have you worked with in the past 30 days?” If the lender says, “None,” I would raise an eyebrow. If you were to ask, “How many physicians have you worked with in the past year?” and the answer is “One or two,” follow that up with, “Tell me about those clients,” and “May I see a testimonial or contact them?” It is your right and your responsibility to do your due diligence in asking those very intelligent and blunt questions.
An answer such as, “I worked with one physician, I think, last May,” doesn’t cut it. The answer you’re looking for is, “We’ve worked with several physicians in the past month. We received testimonials from dozens of physicians over the past 12 months. They’re all up on our site, and you can contact anyone you’d like.
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