Finding a mortgage lender for a purchase loan or refinance is not a problem. Selecting someone who will help you find the best loan product for your situation even if it means sending you to another lender, is paramount.
There is a huge advantage to be able to sit across the table from someone you’re doing business with and look them straight in the eye. It’s difficult to make an informed decision based on a website and a phone call.
Doing business with a full-time professional who specializes in residential loans like you’re trying to get is important. You want the loan officer to be familiar with local conditions, values and practices.
It’s to your benefit to have a loan officer who has the experience to put together the unusual or difficult transaction even if yours is not.
Here are a few questions that will be helpful in selecting the right loan officer.
- What percentage of your business is FHA & VA compared to conventional mortgages, and how long have you been doing them?
- What percentage of your loans close on time according to the sales contracts?
- Will my credit score affect my interest rate?
- Will you help me select the best loan product regardless of your commission?
- Are there prepayment penalties on any of the loans we’re considering?
- Are there any restrictions on refinancing any of the loans we’re considering?
- When is my loan rate locked-in? Is there a charge for that?
- Do you have a good relationship with the underwriters you work with?
A real estate professional can be your best source of information and can recommend a trusted lender. If you have any questions as to what kind of answers you should expect or would like a lender recommendation, please give me a call.