Finding a mortgage lender is easy through an online search or referrals from friends or associates, but finding a loan officer that fits your specific needs and goals takes a little more time. When selecting a realtor for your new home, you meet with multiple realtors to make sure you find one that has your best interest in mind and understands what you are looking for…so why wouldn’t you do the same with your mortgage lender? Here are a few tips on finding a good mortgage loan officer.
1) ASSESS YOUR NEEDS: Determine the type of mortgage you need. A good loan officer will ask you to assess your long and short term financial goals if you haven’t already. There are multiple types of mortgage loan options to choose from, so be sure to find a loan officer who is skilled and knowledgable in the type of loan program you are seeking. Are you a first-time homebuyer? Building new construction? Self-employed? Low credit score? Looking for a Jumbo mortgage? – By knowing what you are looking for, you can eliminate certain loan officers based on their expertise and typical loan types.
2) REFERRALS: What better way to find quality loan officers than through your trusted family and friends! Start by asking around your office or network and go from there. Contact your trusted financial advisors, such as your CPA, Financial Advisor, or even your bank for their suggestions!
3) RESEARCH: Do your research on the lending company and their reputation in the market. Gather a few quotes and interview multiple lenders to make sure you are making the decision that is right for you. Find a loan officer that will be concerned about your overall financial wellness and not just a product pusher. A good lender will be able to qualify you for a loan and offer advice on how to improve your credit and your financial goals/plans.
4) ASK QUESTIONS: You don’t need to apply for a loan to ask questions. If you find a loan officer hard to reach, they may not be the best fit for you. Our loan officers are always accessible and ready to answer your call. Don’t be afraid to ask them about their experience in the industry, loan expertise, and anything else that will help you make your decision.
5) SET EXPECTATIONS: Be sure to set expectations with your loan officer to make sure you are both on the same page. Set expectations about your long term financial wellness, communication, turnaround time, appraisal value, rate lock-in, and anything else that will make you feel more comfortable with the process.
It’s not always easy to find a good loan officer, so that is why we at Tradition Mortgage pride ourselves in hiring the best and most qualified loan officers for our clients. When selecting your lender, it should be based on more than just the lowest rate. Our loan officers will get you through the process with ease and communicate with you throughout the process. Our service doesn’t end at closing, we will continue to watch for areas that you can improve to help your overall financial wellness and long-term goals.