I have an MBA, and a clear understanding of math and the time value of money. At the start of this process, i was never given a post credit check evaluation of possible loan products. I feel like my expectations would have been more accurately met if I'd known the different options i had, after taking into account my cash and credit situation. Also, i had to pay to extend my rate lock when it was delays on the sellers end that caused me to need an extension. They should have had to pay that.
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Please be extremely clear with clients on values for insurance purposes up front, especially for first time home buyers. Please don’t just tell them what type of coverage they need and expect they’ll know how much to insure for. That valuation amount could mean the difference between them completing the loan, or withdrawing. That’s something they NEED to know before they go too far to turn around.
