Finding a good mortgage lender involves more than just throwing some figures into an online calculator and waiting for quotes. A mortgage is a highly specific thing. You can significantly improve your chances of finding a perfect fit for you, by employing the services of a knowledgeable loan officer. But how do you know when you’ve got the right one? Read on to find out how you can ensure you have the best loan officer for your deal!
Find Out Their Fee
It’s unlikely that you’ll actually have to cut a check, but your loan originator’s fee is usually embedded in the price of the mortgage. Fees vary from broker to broker, and brokers who work with different wholesalers can even have different fees with different lenders. On the one hand, using a loan officer can add cost to your mortgage. On the other hand, if you find a reputable one with experience, they can save you a lot of stress and be worth their weight in gold!
Find Out Their Experience
You would ask your realtor, so why not ask your loan officer? Finding out how long the individual has been working can help you to work out how experienced they are. Don’t feel afraid to ask questions that hint at the broker’s success, such as, ‘How many loans did you underwrite in the last 12 months?’ Finding a loan officer with experience is important, but shouldn’t override all other things. There are plenty of new loan officers who are brilliant at what they do. If you aren’t sure, check out the loan officers company on the Better Business Bureau.
Find Out What They Specialize In
If you are a veteran, who needs a VA loan, it makes sense to find a loan officer with experience in veterans loans. On the other hand, if you require a jumbo loan (usually anything over $500,000), it is crucial that your loan officer can help you find a loan to meet those needs. Unless you are an employed person with an excellent credit score and very little debt, it makes sense to find a loan officer who has experience with your individual circumstances. Lending criteria can vary from lender to lender, so it’s essential that your loan officer can explain what is required of you in order to process your loan. A loan officer who can give a clear explanation of the loan process is invaluable.
Find Out If They Can Communicate Effectively
Good loan officers understand that time is everything in a real estate deal. It is important that you get to the closing table on the agreed closing date. In order for this to happen, your loan officer must communicate with you throughout the process. If there is a delay at underwriting, for example, a helpful loan officer can make sure that your rate is locked in and you don’t miss out.
A loan officer’s livelihood depends on happy clients who successfully close their deals. The right loan officer for you is someone competent and knowledgable. Finding one that is a good fit for you can seem like a daunting task, but if you take your time and use your common sense, you can ensure that the mortgage process is as smooth as possible.