Your Questions About Mortgage Loan Officer

Donna asks…

Advise on a mortgage loan?

So I’ve decided to come here because I want to have all my ducks in a row before I try to take the plunge into getting a mortgage. My husband and I have rented the same place for 11 years now and have recently had our 3rd child. The owner of our property is going to put the house up for sale this summer so we will have to move, we’ve outgrown this place anyways. I’ve found a few houses that are under $100,000 due to the economy but the problem is that we don’t have the best credit. Is it possible to even get a loan with bad credit? It’s mainly just medical bills that are the culprit due to my husband being out of work 5 years ago and we had no medical insurance. I’m hoping that because we aren’t looking for a loan for more than $100,000 that it won’t be that much of a hassle, but then again……

John answers:

Credit problems due to medical collections are usually not a problem with mortgage qualification, especially with FHA mortgages. You should get pre-qualified with a professional loan officer who is familiar with FHA mortgages. Try

Nancy asks…

whats the lowest mortgage loan officers will give?

the title says it all whats the lowest mortgage loan i can get so im asking can i get home loan for 10k or 20k etc

John answers:

50k is the usually minimum for a mortgage loan. If you just need 20k you need to get a personal loan, not a mortgage.

Charles asks…

Loan officers Please help please,or mortgage brokers?

I need some help please. My situation is am on the process of refinancing my mortgage and my loan officer called i need a certain amount on the account. Is it true? If so I will have that money the next day but my concern is tomorrow is the 15. I havent made my mortgage payment cause I was told not to am closing this month. Well, to make this short 2 more days for the 16 and the closing is going to be next week. Is it going to affect my credit record is past the 16day. It there a such thing about locking the process, the loan. Help. What can I do so it wont affect my credit.

John answers:

Always pay your mortgage payment, no matter what the idiot who is handling your loan says. Are you doing a cash out refi? You left to many holes in your situation. Paying your mortgage past the 15 incurs late fees, not late payments, as long as you never pay past the end of the month you are not late on the credit reports, but dont ever risk that. If this person isnt giving you straight answers, change brokers immediately.

Steven asks…

want is the difference between a loan officer and a mortgage broker?

John answers:

A loan officer serves several functions and has various responsibilities. Loan officer provides guideline throughout the mortgage process. He or she will help identify client’s needs, select a loan program, complete the application process, offer advice and answer any questions client may have.

A mortgage broker is an individual or a company that acts as a bridge between a borrower (client) and lenders, providing each borrower with a program which best suites his or her needs. Whatever the difficult requirements or special requests a client may have, the mortgage broker can find a lender with a program to meet those needs. My company handles both Loan Officer and Mortgage Broker business. Drop me a line at if you are interested in becoming one of the two professions mentioned.

Maria asks…

How many mortgage loan officers are left in the United States?

How would i get in contact with all of them for very little money?

John answers:

Probably a few million. But many of the bad ones that help cause this mess are gone. Now like the above poster that gets banned about every day and comes back with a new name, dont call him.

Call a few loan brokers, make sure they are FHA approved (reason being they have to pass financial requirements have an office etc.).

Ask the loan officer if they run their own DU’s and LP’s ( you dont need to know what this means but if they dont, run dont walk.

Talk to a couple but dont let them pull your credit until you are down to 2. The loan officer will tell you that they cant do anything until they pull your credit, this is actually true.

So go ahead and pull all of your credits for free from the government site

This is the government site, no sign ups, no credit card numbers, congress allows you to get your credit once a year for free. This is that site. Any good loan officer can give you enough advice on what loans and programs that you can do with that. If they cant get another loan officer. Remember in some states all it cost you is 150 bucks to be a licensed loan officer. No offense to McDonalds but the cashier could be a loan officer in many states with 150 bucks. Find somebody that knows what they are doing.

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