Whether you are a first time homebuyer or a seasoned investor, working with the right loan officer can make all the difference between a wonderful experience and a colossal – and expensive - headache. With internet ads, news reports, and even bus stop benches advertising loan officers, all claiming to be the best, how are we supposed to choose? There is no one “right” answer, but here are some tips to finding the best fit for you, and having a great experience on that refinance or home purchase.
I always like to use local vendors for services because of my “strangling policy.” That is, if they don’t do a good job I want to be able to drive right to their office and threaten to strangle them. By using a loan officer who is local you’ll get the personal attention you deserve, develop a professional relationship, be able to hold them accountable, and know that they are part of the same community you’re living in.
3. Experience. Using a loan officer who knows they’re business in and out, and does it well, is so important. When someone has been in the business a number of years, they should have the experience and track record to get you the best loan. That being said, don’t be averse to using someone a little fresher in the business as long as they have an experienced support staff to back them up. They may work harder and care more, and just because someone has been in the business a long time doesn’t necessarily mean they are accomplished.
4. The bank behind them. A loan officer isn’t a lone wolf, but operates inside of a greater system, so the company or bank behind them is so important. Assistants, processors, and underwriters are just a few of the people working hard to get a loan closed. The best loan officer in the world at a slow, inefficient bank still can’t close your loan on time, so look into a bank or company’s reputation, not just its loan officer.
5. Work with a straight shooter. I’ve seen so many people trip over a dollar to get a penny, losing huge amounts of money because they were chasing whoever promised them the cheapest rate or the least expensive loan. Of course price is a factor, but you’re never going to be given a loan for free, or access an interest rate that no one else can get. I recommend working with a serious, honest professional who shoots straight with you and gives you the good news and the bad news, not just what you want to hear. Establishing a great relationship with an a straight-shooting loan officer will save you that dollar, and that penny, when it comes to closing your loan on time and delivering what they promised.
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Have you had good experiences with a loan officer? We’d love to hear about it.
And if you ever need further information or some good recommendations, drop us a line!
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