What Question to ask When Looking for a Loan Officer
A loan officer can be very useful in helping you to understand the different loan products on the market and helping you apply for a loan that fits your particular needs and wants.
Find an Experienced Loan Officer
Not all loan officers are created equal. Some are in the business to make money and have little to no experience - you want to avoid inexperienced loan officers - especially in these times when qualifying and getting a mortgage is a lot more difficult than it has ever been. Experienced loan officers who are in the business as a career and know what they are doing can make all the difference!
How will a lender help me get the right mortgage?
So, how do you find the right person to help you with one of the biggest decisions you will ever make? Below is a list of basic questions you can ask to help you determine which loan officer you pick to assist you in this process.
- Is there a particular type of loan product in which you specialize?
- How will you go about assisting me in finding a loan that will best fit my needs and situation?
- Are there any other Real Estate Professionals, such as a REALTOR or Closing Attorney, which you work with or recommend that I speak to during this process?
- How long have you been a mortgage lender?
- How many loans have you closed in the last 24 months?
- Do you have an in-house processing and underwriting?
What are Your Mortgage Qualifications?
Because of the cyclical nature of the mortgage and real estate business, loan officers come and go. Many states in the U.S. do not require loan officers to be licensed. Although this is changing, the mortgage industry has a very long way to go to catch up to Insurance Agents, Real Estate Agents, and Attorneys. All of these professions need licenses. With this in mind, the length of time someone has spent working in the business might not be the primary indication of the loan officer's abilities. You want to ask a few questions to decide if they know enough to help you.
- What training do you have?
- What other background or experience do you have that is relevant to working as a loan officer?
- Is there another area of expertise or piece of background information you have (such as work in another financial - world application) that gives you unique insight?
How Available Will You be - How Will We Communicate?
As anyone who has been in any sort of relationships knows all too well, communication is KEY! In working with a loan officer, it is important to state from the beginning what your expectations are regarding communication, availability and responsibilities. You also need to find out what the loan officer expects from you in regards to communication, availability and responsibilities.
- How often should I expect to receive updates on my loan status from you or your office?
- What are your normal hours of operation?
- In the event that I need to reach you during off-hours, is it okay to contact you? Is there a different phone number or emails address to use?
- Do you have any upcoming business travel or vacation plans that I should know about? Is there any reason you can foresee not being available between now and closing?
- Will you be responsible for staying in touch with any involved agents and parties who are involved with the transaction?
It is important to pay attention not only to what answers the loan officer gives, but how the questions are answered. Is he or she patient and making sure you understanding all the answers? Do you feel comfortable with this person? Compatibility is key, so make sure you trust your instincts!
For more information or to get pre-qualified contact Melissa Schwartz at Bradford Mortgage NewBridge Bank.