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If you have a family member, friend, or business associate you feel would benefit from this information, he or she can order a free copy of the book by emailing me at: Mike@LoanAnswerMan.com.

Also, if you have any questions or concerns, or would like me to personally arrange your loan, please feel free to email or call me at 800-709-4011. Remember, we're here to help you receive the results you need when refinancing or purchasing your home.

Introduction

Refinancing or purchasing your home is one of the biggest financial decisions that you can make. Sadly, most consumers are unaware of the right questions to ask when undertaking this process. There are thousands of loans, mortgage companies, and lenders to choose from. This can make the business of purchasing or refinancing a home incredibly confusing.

There are many factors to consider that will insure a smooth purchase or refinance. This eBook is dedicated to specifically helping consumers research the important issues involved in loan transactions. We do this by explaining step-by-step exactly what you need to know to get the perfect home loan.

Consider this eBook our gift to you to guide and answer any questions that you might have and guarantee the perfect loan for you and your family.

Use our free eBook as a guide. The knowledge you will obtain before you apply for a loan is absolutely critical. Understand these concepts and refer to them throughout your entire loan process. And if at any time you have any concerns or questions, please feel free to call me direct at 800-709-4011.

Thanks again and enjoy,

     Mike Zweig
     Loan officer
     www.LoanAnswerMan.com
     CA Dept. of Real Estate
     License No. 01375992
     Phone: 800-709-4011

1. Whom Should I Trust To Do Business With?

Choosing the right person with whom to deal in a mortgage transaction is critically important. We all know every business needs to make a profit. Nevertheless, if the mortgage company you choose puts its clients' interests first, their profits will come automatically.

Some mortgage companies claim to offer deep discounts. Buyer beware: This can leave you holding the bag, as the purveyors of such advertising are often overwhelmed with hordes of prospective clients—and may not be able to give proper attention to the service they will be paid to provide. Furthermore, I don't recommend doing business with anyone who is going to hand you off to someone else to complete the transaction.

I want to know that the person who offered me the service will be there to hold my hand until our business is completed. Now this doesn't mean if I buy a swimming pool that I expect the person who sold me the pool to come and install it. However, I do want to be assured that if there is a problem he or she will be there to solve it-and that he or she is authorized to do so. Make sure the loan officer you start with is an officer you can communicate with throughout the entire process.

There is nothing worse when purchasing or refinancing your home than dealing with a company which assigns you to one person in the beginning, and then to others as you go along-with no one taking full responsibility for monitoring your transaction from beginning to end.

I can't count how many clients have told me they started a loan with a particular officer, only to find that attempts to follow up on the loan progress with the same person were futile. They tell of calling central switchboards and being transferred from one desk to another, never finding meaningful answers to questions about their loan's progress.

Don't let this happen to you! Make sure the company you are working with holds its loan officers personally accountable for reporting the progress of your loan. After all, you don't do this every day. The experience should be a pleasant, easy, and rewarding one.

2. How Long Should It Take for My Loan to Close?

This varies with every lender. At the time of this writing, the market is exceptionally busy and I see many lenders taking months to complete this process. We normally get the job done in 2-3½ weeks, no matter what the market environment is.

3. What Services Should I Expect?

Beyond the personal accountability issue, you should expect your loan officer to act in your best interests-not his or hers! I think the Golden Rule applies. Simply put, this person should treat you the same way he or she would want to be treated if he or she were in your shoes. Your loan officer should make the process as easy for you as possible

Nowadays, most loans can be discussed on the telephone, with signing of documents done in the comfort of your own home. Often, you can fax or email most of the documentation required to fund a loan. A good loan officer will also help you to determine whether a loan really makes sense. Sometimes the number of issues can be confusing. Your number one question should be: "Why do I want this loan?" Answers like "I want to bring my monthly payments down" or "I'd like cash out of my house for debt consolidation or home improvements" may be good reasons. Answers such as "I don't like my lender" or "I want to lower my rate 1/8%" or "I want to borrow money to put in my saving account" may not make as much sense.

A good loan officer will help you sort through these issues and decide which is the best direction for you and your family to pursue. Also, if your credit is good, you are likely a candidate for some of the best rates available. If this is the case, your loan officer should be able to lock your rate at the beginning of the process. This way, you are assured of the same rate when your loan closes.

I can't overemphasize the importance of dealing with someone reputable. But who is reputable?

Please read this booklet carefully. It will provide a basis for important questions you will want to ask a prospective loan officer. When you find one whom you want to strongly consider, ask your questions. Then, think about the answers. Do they make sense when compared to your newfound knowledge gained from this booklet? Is the loan officer evasive? Does he or she make you feel foolish about answering certain questions? If warning signals arise, find someone who has patience and who will handle your concerns in a professional and ethical manner.