Questions that a good loan officer should ask you during the loan application

Mortgage and Lending with Bank of Utah

When you are meeting with a loan officer to take a loan application there are some questions that they have to ask. Questions such as...

     1. What is your gross monthly income?
     2. Who do you bank with? What is your current balance in those accounts?
     3. Have you ever had any foreclosures, bankruptcies, tax liens, judgements?
     4. etc. etc.

Any "order taker" could ask these same questions, complete a loan application, and submit a loan for you, with no regard for your long term goals or needs.

A good loan officer is much more than an "order taker" and will ask the questions that help him/her understand your long term goals as well as current needs. They will use this information to help them choose the loan options that will best meet those goals. Questions such as...

     1. How long do you plan on staying in the home? 
     2. What are the possible reasons that you might move?
     3. Would you consider renting it out in the future?
     4. Are you a first time homebuyer? (believe it r not, some won't even ask this!)
     5. Have you made all of your rent payments on time?
     6. Where would you like to purchase a home?
     7. How much have you budgeted for (for a monthly payment)?
     8. How much would you like to have in reserves after you purchase the home?
     9. Do you prefer having lower monthly payments or to pay off your mortgage more quickly?
     10. What kind of condition is the home in and are you looking to do some improvements?
     11. etc. etc.

These questions will help the loan officer to offer mortgage options that you qualify for but that also meet your needs. Beware of the "order takers" that will do neither. They are easily identified because they will not ask any of these questions.      

Posted by

About the Author

John Neil is a loan officer that is passionate about his profession. His goal with every transaction is to make a customer for life. The result is that 95% of his business comes from referrals of satisfied clients. If you need a cache valley mortgage, you can contact John at 435-770-2709. You can also follow him on twitter @LoganUTMortgage or facebook @facebook/MortgageNerd


This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
ActiveRain Community
Utah Cache County
All About Mortgages/Mortgage Networking
Realtors Needing the services of the Lending Powers
Responsible Mortgage Lenders
We Love Utah Real Estate.
loan options
loan officer
qualifying for a loan
mortgage options

Spam prevention
Show All Comments
Jackie -
770.498.7333 - Atlanta, GA
Learn to leverage technology to get more done.

John - Kudos on a well written and educational blog post. You are absolutely right, of course. The more a loan officer knows about a client's situation the better he or she is able to help.

Aug 11, 2009 07:21 AM #1
John Neil
Bank of Utah - Logan, UT

Thank you Jackie! I love getting comments on my blogs!

Aug 12, 2009 04:07 AM #2
Tom Caulfield
First Financial Lending Corp. - Grosse Pointe, MI

Nice read John. 

Aug 13, 2009 03:39 AM #3

You are absolutely correct!  A BIG reason this economy is where it is at.  Too bad the big corporate mortgage companies hired 18 year olds to transact the biggest investment a consumer makes in their lifetime!  I ask these questions on every application....let's hope more loan officers out there do as well...

Sep 03, 2009 04:38 AM #4
Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

Though this blog was written almost 9 years ago. There is a must read for first time home buyers. Thanks for sharing.

May 09, 2018 02:53 PM #5
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?


John Neil

Ask me a question

Additional Information