Choosing your Lancaster, PA mortgage lender
So you've found your Lancaster County dream home and have now begun the very important task of choosing your Lancaster, PA mortgage lender. Where do you even start and how do you know what to look for? First of all, even though you are choosing a mortgage lender or brokerage, you need to know that it is really the specific Lancaster, PA loan officer that you deal with who is going to make or break your lending experience!
So what really makes a good mortgage guy or gal? Well, here's a list of my must have qualities. They want to get my client's business? Then they better do the following;
1. Your Lancaster loan officer must either answer their phone or return your phone call within 24 hours, preferably sooner. If you left a message for Loan Officer Larry at 9am on Monday and it is now Wednesday and you still haven't heard from him....THIS IS NOT A GOOD SIGN! Loan Officer Larry is either too busy to return your call or just too disorganized. Bottom Line: If Loan Officer Larry is not motivated enough to return your call in order to earn your business, then he is definitely not going to be motivated to pick up the phone to answer your questions once you've signed on!
2. Your Lancaster loan officer must be able to explain the lending process in plain English and answer ALL of your questions without making you feel like an idiot! Don't you just hate when people throw around terms and acronyms and you have no idea what they mean? PMI, LTV, APR, PITI, DTI.....huh? Not only should your loan officer not assume you already know what these terms mean but they shouldn't make you feel like an idiot for asking! If your loan officer acts annoyed every time you ask for an explanation or request something in writing then it's time to MOVE ON!
3. Your Lancaster loan officer must have a solid, competitive product! No matter how responsive they are to your phone calls or how good of a job they do at patiently answering all of your questions, the bottom line is that you need a loan that meets your needs at a competitive rate. The best way to ensure you're getting the best deal is to SHOP AROUND! I suggest getting a minimum of 3 quotes. Don't automatically go with who your REALTOR may recommend or think that just because Aunt Susie used "so and so" three years ago that "so and so" still has the best deal now.
Do your lender homework and I promise that you will be richly rewarded with a competent, available, customer-oriented loan officer! Have more questions? Contact me at www.LancasterByLisa.com!