Quick…
Would you rather have a 5/1 ARM with 2/2/6 caps or 10/1 ARM tied to LIBOR?
Huh … what did you say?
Yeah, that’s how most first time home buyers feel when loan officers toss out fancy mortgage terms to convince buyers how smart they are. If you’re working with someone that, run for the hills!
So, how do you find a good Loan officer who will help not hurt you?
Well, it’s simple really… just follow these tips.
Read Blogs
Most times, you can find good Loan Officers by reading blogs and articles they post online. Just like you’re doing right now (wink wink).
Ask Friends, Family and Co-workers
This is great place to find them IF the loan officer they worked with stayed in contact with them.
You see, loan officers who keep in contact with past clients approach the mortgage business from a Relationship point of view instead of a transactional point of view.
And you want to work with a loan officer who actually cares about what happens to you after the closing.
CPAs, Attorneys or Realtors
Although these people usually are reputable, never blindly accept their referral. They may simply recommend people who “scratch their backs” and may not offer the best rates and terms.
So whenever they tell you to contact a specific loan officer, always ask them WHY you should work with that person.
Now, once you’ve found at least 3, narrow it down to the best one by asking these questions:
Why should I (we) do business with you?
Listen to what he or she says and see if it rings “true” to you.
Can you please tell me about your processor?
Speed in very important in the mortgage process. And a good processor will help catapult your loan to the closing table.
But a mediocre one will keep your loan stuck in mud. So make sure the loan officer works with a Fast and Experienced processor.
Can you please tell me what it looks like when Loan Officer does not care about his or her clients?
Even today there are loan officers who don’t seem to care about their clients. You want a loan officer who does care. Trust me, it makes the world of difference.
Do you have any testimonials from previous clients I (we) can see?
You wouldn’t want to be a doctor’s first patient for heart surgery, right?
Well, that holds true when buying your first home. Work with someone who is experienced. This way, he or she will know how to properly navigate you through the home buying process.
How often will you talk with me (us)?
One of the most popular complaints from first time home buyers is that their loan officer doesn’t keep them informed.
So ask him or her how they formalize the lines of communication. If it’s not at least every 3 days even if to tell you there’s no news, move on.
Well, armed with these tips and questions, you’ll be well on your way to finding the RIGHT loan officer.
So, go ahead and get started on your research today.
But do remember to come back to learn how to find the right Home Inspector. Because you don’t want to buy a house that turns into a money pit.
Until we meet again…
Article Written By:
Bruce Waller- Mortgage Loan Originator
NMLS # 1002298
(267) 362-4002
bwaller@rhfunding.com
The views and opinions expressed on this web site are soley those of the original authors and other contributors. This is not a commitment to lend. All rates, fees and loan terms are subject to a formal loan application, credit risk, appraisal evaluation and other lending criteria. Programs, rates, terms and conditions are subject to change without notice. Other restrictions may apply.