Client Consultation

The home loan process and overall experience is significantly better when we meet with clients before the process. You’ll be better prepared and close with a better mortgage because of the meeting. 

Your time is valuable. Our time is valuable. We wouldn’t meet if it wasn’t important. Please allow an hour for the meeting.  


We expect to close on time, every time. The client consultation will lay the foundation for a smooth process.

We want to provide a fantastic client experience so that our Raving Fans will confidently introduce our team to their friends and family.


We firmly believe that people choose to work with others that they know, like, and trust. Please be sure to complete our “All About You” form.

Meet Mark: mortgage biz since 2003, Top 1% in the country, business built on referrals from clients.

Meet the Team: both the Mortgage Mark Team and the divisional operations team office together in Addison, TX.

Meet CMG: top 10 lender in the country, mortgage servicer, direct seller to Fannie Mae, Freddie Mac, and Ginnie Mae (FHA, VA, etc.).


These are our top objectives during the client consultation.

  1. Identity priorities and concerns
  2. Provide a quick process overview
  3. Review and discuss credit
  4. Update the “Loan Amortization and DTI” worksheet
  5. Complete the Perfect 1003
  6. Explore programs, down payment options, and loan structure
  7. Discuss interest rates
  8. Review the Loan Summary Worksheet’s closing costs
  9. Paperwork
  10. Next steps

Answer the three main questions:

  1. What’s my interest rate?
  2. What’s my payment?
  3. What are the closing costs?

1. Priorities and Concerns

What are the top three priorities? (i.e. goals and objectives)

  1. _____________________________
  2. _____________________________
  3. _____________________________

What are the top three concerns?

  1. _____________________________
  2. _____________________________
  3. _____________________________

What’s the timeline? What are the financial goals? What are the payment objectives?


2. Quick Process Overview

The home loan process overview provides the complete step-by-step process of buying and refinancing a home. Below are the highlights from that overview that we will discuss.


3. Credit Report

In the mortgage industry the qualifying credit score is determined by the lowest “mid-score” of all the borrowers. Discuss how credit scores work.

Credit scores have a much greater impact on the interest rate with conventional loans compared to government-backed loans.

Here are few helpful keys on reading a credit report:

  • “B” = Borrower
  • “C” = Co-Borrower
  • “J” = Joint
  • “A” = Authorized User
  • “Rev” = Revolving Accounts (i.e. credit card)
  • “Inst” = Installment Debt

Be sure to know the do’s and don’ts when getting a mortgage.

Be sure to opt out of credit solicitations.


4. Loan Am DTI Worksheet

The “Loan Amortization and DTI” worksheet calculates estimated monthly payments and the Debt to Income ratio.

Please review the debts and income to ensure correct amounts are being considered.

30 vs. 15

What’s better, a 30 year fixed or a 15 year fixed rate loan?

What’s the difference in interest rate and payment?

Mortgage Insurance

If applicable, we can discuss Mortgage Insurance (MI). Some topics to discuss:

  • What is MI? Why does it have multiple acronyms?
  • What’s it’s purpose? When is it needed?
  • What types of MI exist?
  • How long does it last? Discuss MI cancellation for conventional loans.

Selling a Home

Is it possible to purchase a new home without selling an existing home? The purchase contract may need to be written with a contingency to sell.

Our seller’s net sheet estimates the seller’s closing costs and determines the net proceed from the sale of a home.

Check out our tips for listing a home and the selling process from a lender’s perspective.

Bridge Loans

Can you buy a new home without selling? Let’s discuss the following topics to see if it’s possible (and worthwhile) to avoid a contingent offer:

  • Bridge Loans
  • HELOCs
  • Split Financing (80/10/10, etc.)
  • MI Cancellation
  • Recasting

Money Matters

We’re passionate about money. Check out our money matters page. It outlines our financial principles, provides a sample budget, and offers tools for how we track our own money.


5. Perfect 1003

It’s imperative that we have a complete, and accurate, loan application. A large percentage of mortgage headwinds derive from not having a detailed loan application. Tell us everything so we can provide direction.


6. Explore Loan Structures

Let’s discuss mortgage loan program options, down payment amounts, and overall loan structure.

What’s available? What’s best? What’s important?


7. Mortgage Interest Rates

Interest rates change daily.

Did you know: if the loan amount is increased by $1,000 on a 30 year loan it only adds about $7 to the monthly payment.

Did you know: if the interest rate is increased by .125% on a $300,000 loan, the monthly payment increases by $22(ish).


Origination charges, origination points, and discount points all mean something different. Let’s discuss.

Rate Locks

Locking an interest rate is typically done once a definitive closing date is established.

Conventional loans have Loan Level Pricing Adjustment (LLPA) issued by Fannie Mae and Freddie Mac.

New Construction Rate Locks

Interest rate locks can be done for as long as 360 days. That will cost money. Is it worth it? Let’s discuss. (Spoiler Alert: we typically recommend waiting for the builder to provide a closing date before locking a rate).


8. Loan Summary’s Closing Costs

The Loan Summary worksheet provides an overview of the loan’s terms. We will send an updated worksheet to you four times throughout the mortgage loan process.

There are three components that make up the cost to close:

  1. Down payment,
  2. Closing costs,
  3. Prepaids.

The down payment is determined by the client’s preference and the program type.

The fees consist of lender fees, title fees, and other third-party fees.

Mortgage prepaids are the property taxeshomeowners insurance, per diem interest, and (if applicable) up-front MI.

First payment and per diem interest

It feels like you get to “skip” a payment after closing because mortgages are paid in arrears. The per diem interest covers the interest in the month of the closing.

Lender Fees

The three factors of lender fees are:

  1. Origination charges
  2. Discount and origination points
  3. Lender credits

Don’t be fooled by deceptive marketing. If you still don’t trust us, learn how to compare mortgage offers when you shop for a mortgage.

How does Mortgage Mark get paid? 


Mortgage escrows can be complicated. Below are some of the more common questions.

  • Are escrows required?
  • Are there any costs?
  • What are the advantages and disadvantages?
  • Who should have escrows? Who shouldn’t?
  • How do escrows work?

New Construction Escrows

New construction escrows can be different. Let’s discuss whether to collect on improved or unimproved values.


9. Paperwork

Paperwork is a necessary evil. Let’s review what is needed, what’s been sent, and the reason for needing so much information.

Discuss the following:

  • Floify: a third party, secure, document portal to upload documents
  • E-folder: a not-so-friendly doc portal by CMG
  • Ellie Mae: a portal to e-sign loan disclosures

10. Next Steps  

Are there any additional questions, or needs, from us?

We will send a follow up email detailing any specific actions that are required from you. We will also list any actions that we will be taking.

Please refer your friends and family to us if you feel we’ve earned that privilege. We want to provide such a great experience that our clients passionately refer us.

Until you find someone to refer, please take a moment to recommend us on Google and Yelp.

Likewise, check out our recommended professionals. We trust these people to provide great service and you’re welcome to reach out to them directly.

Be sure to download the personal budget and join us for our monthly money matters meetings.


Mark Pfeiffer

Branch Manager
Loan Officer, NMLS # 729612

Translate »