Nathaniel Fried
Be open to asking a million questions and acknowledging when the lender uses unintelligible industry jargon. There are myriad moving parts in a mortgage loan and most of the details are esoteric and wholly confusing to an outsider.
As a result, insiders use all kinds of words and phrases, assuming the listener is fully comprehending. It’s OK to say, “Wait a minute, that thing you just said? I have NO idea what it means!” A good lender should be patient and thorough, willing to slowly walk the borrower through every step of the process; but the borrower needs to get that ball rolling by asking the questions in the first place!
Contributor: Michael Hausam from hausamgroup.com
