Good communication is essential to closing your home mortgage on time. It is so important that communication should be one of the main qualities buyers should evaluate in selecting a mortgage loan officer to help with their home purchase.
Some communication expectations:
Returned phone calls – this is a major complaint against the mortgage industry in general. You should have confidence that when you leave a message the loan officer will return the call quickly. Generally, I think 1 hour is a reasonable goal for returned calls. It is also helpful if the voice mail message communicates when to expect a return call.
Listening and buyer questions – How well the loan officer listens to your questions and concerns is important. A good sign that the loan officer is listening is whether your questions are acknowledged and answered.
Expected follow up – Good communication involves setting expectations for what is next. Your loan officer should confirm a time for the next call or meeting, and what to expect on that call.
Confirmation - It helps good communication for your loan officer to follow up each call with an email, or a text confirmation, summarizing what was discussed and confirming the time for the next call.
Follow through – It is also vitally important that your loan officer follow through by calling on the date agreed upon for the next step.
How well a loan officer communicates during the pre-qualification stage is a good indication of how the loan officer will communicate during the loan process and even after your mortgage closes. Communication and timely follow up are important to a successful home purchase closing. And communication is a quality of your prospective loan officers that you can evaluate and test early.