Your home mortgage loan officer is the primary person you’ll be working with when you apply for a home loan. That’s why it’s important to find someone who’s communicative, trustworthy, and knowledgeable. That way, when you have questions or concerns, you have someone you can go to and get an answer.
Before committing to a specific lender, it’s important that you vet loan officers carefully. Below, we’ve listed some questions you can ask to help you narrow down your options and choose the right one.
Finding the Right Loan Officer: Questions to Ask First
Having the right home mortgage loan officer on your side not only protects you, but it also makes for a more enjoyable homebuying experience. Working with a licensed, experienced loan officer puts you as the borrower at lower risk. Furthermore, since everyone’s personalities and communication styles are different, it’s important to find a good match. Here are some questions you can ask when vetting potential candidates.
How long have you been working as a mortgage professional?
Sure, the loan officer you’re chatting with now seems calm and professional. But when things take a turn for the worse, will they be able to handle the heat? There are some things you can only learn with experience.
Can you provide proof of licensure?
It’s important that your loan officer not only says they are licensed but can provide actual proof. Don’t just take their word for it; ask for proof of licensure.
What loan programs do you offer?
Loans come in many forms – 30-year, 15-year, fixed-rate, ARM, VA, conventional, etc. It’s important you know what your options are. If there’s a particular loan program you’re interested in, you’ll want to make sure that your lender offers it.
What are your qualification requirements?
Some lenders have stricter requirements than others. It’s important that your loan officer understands your limitations and is willing to work with you.
How much can I expect to pay in fees and closing costs?
There are many costs involved with taking out a mortgage other than just the down payment. In addition, you’ll also pay closing costs and other fees. It’s important to know what your lender charges before agreeing to anything. Your home mortgage loan officer should be able to provide you with this information.
What is your preferred method of communication? How long does it take you to respond?
Do you two share the same preferred method of communication? If not, are they okay with communicating through a different method? Also, how long does it take for them to return phone calls or emails? These are all important questions to ask.
Is there someone else I can contact when you’re out of the office?
Many people buy homes during the summer. Unfortunately, this is also when the majority of families go on vacation. It’s important that you have someone you can contact when your loan officer is out of the office.
Work with a Loan Officer You Can Trust
Mortgage Solutions Financial is here to make your homebuying experience a success. Contact our office today to get in touch with a loan officer and begin the application process.