John Kresevic is an Executive Loan Officer at Forthright Funding in Scottsdale, Arizona. Part of his job is to evaluate loan applications, determine credit worthiness, and either accepting or declining loan applications while explaining either decision to the client.
John Kresevic often sees common mistakes made by clients who are applying for loans and mortgages. Here are three common mistakes made by clients applying for mortgages.
- Clients often decline getting pre-approved for a mortgage. This is something to avoid because pre-approvals let the client know what kind of mortgage and rate they can expect based on their income, debt, and credit report. It is a process to go through and declining to get pre-approved is a missed opportunity that can make the process more stressful.
- Clients sometimes bite of more than they can chew when they accept a rate. Some clients are simply not able or in a financial position to pay a monthly mortgage and renting may be a better option for them. Not all mortgage lenders take this into consideration though and some work hard to ensure their client gets approved, even if it means the client likely can’t really afford it.
- Lastly, one of the most common mistake professionals in the financial services industry see is clients signing loan documents that they do not truly understand. Clients need to ask more questions and ensure that they are clear on every aspect of their mortgage.
John Kresevic previously worked for Quicken Loans. At the age of 23, he was leading a sales team that pulled in $20 million annually and was named the sales team of the year at Quicken Loans in 2012 and 2013.