Check it twice

Haven't I told you to shop around? Just this weekend a past client contacted me about a mortgage transaction. They are moving out of state and the paperwork didn't look right.

They had told the online lender they wanted a loan with no points and low fees. The Loan Estimate I was shown not only had over $3,000 in points, but also had five line items of junk fees that add to over $1,200. It looks to me like the "Lender Beginning with the 17th Letter of the Alphabet" was trying to pull a fast one.

My advice was to not sign anything until the situation was remedied, and to cancel the transaction if necessary. There is no reason, in current market, to pay lender fees for application, underwriting, doc drawing, tax service, or flood certification. And with Kern County loan amounts, it's hardly ever smart to pay points to buy down an interest rate. It just takes too long to pay for itself, given the large upfront cost and the meager monthly savings. Not to mention, if you aren't told true loan costs up front, you chose the wrong lender.

This experience jives with a recent customer satisfaction poll about our industry. Satisfaction among consumers who applied online plummeted by 18 points from last year, and trails in-person applications by 10 points.

Your mortgage is your largest debt. Don't wing it by yourself, expecting a call center representative to help you see all your options and decide what makes the most sense for your family. Work with a seasoned local expert. You can verify our lending experience by googling "NMLS Consumer" and looking up our work history in the national mortgage licensing system database.

And with that: A heartfelt Thank You to all of you who trust me (and have trusted me for seventeen years!) to work for your best interest. I've just had the experience of sitting down with a new finance professional and laying out my paperwork and my story, and it reminded me what a vulnerable thing that is. Really, I hold dear that you allow me to be of service in my business. Thank you.

Tammy Engel is your local Mortgage Advisor, and has been recognized as the "Best of Tehachapi" for seven years. Contact her at 661/822-7325 for purchase, refinance, and reverse mortgage. NMLS #235051/303625 CaBre #01273839/01522391