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How To Find A Loan Officer For A Mortgage?
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 The world of mortgages is highly competitive and cutthroat. Guidelines rule the day in whether you get approved for a mortgage - not how nice your loan officer seems to be.
If you are new to getting a mortgage you need to know that you should shop around not only for different rates and loan programs but you should also shop around to help you find a loan officer.
When It Comes To Your Bank Mortgage Loan Officer - Shop Around
One tip to remember is that you may not get the best mortgage where you do your normal banking. In fact, your regular bank loan officer may try to upsell your mortgage to you hoping that you may not shop around. Part of their sales strategy may be that they hope that you are thinking that they would give you the best deal because you are their customer already.
Characteristics Of A Good Loan Officer
- Do What They Say They Are Going To Do - If you really shop around for a loan officer, you will most likely have some promises made about getting quotes etc. A good loan officer who delivers on what they say they are going to do as far as calling you and sending you information is someone worth considering. If they miss a call with you, or they are late in sending you paperwork, among other red flags, you may want to look for another loan officer to work with.
- They Should Educate You - Your loan officer also should be educating you about the loan process no matter whether you are buying a home or refinancing. They should also cover features and benefits of different loan programs that you may, or do, qualify for. Both of these actions demonstrate their dedication to you as a their customer and ensuring that you know what kind of mortgage you are getting.
- They Should Tell You To Get Other Quotes - A good confident loan officer giving you a competitive and fair price on a mortgage program should encourage you to shop around with other loan officers. It is a good idea to get quotes from at least 3 loan officers. This will give you a great opportunity to get competitive interest rates and fees to compare. Talk to each loan officer about the other offers you got to see what they say. You should get a good "feel" for the loan officer that you ultimately ought to work with.
Good Luck with your efforts to find a loan officer. Read more about how to pick a loan officer by what questions to ask.
Article by Dale Stouffer, Mortgage Broker. Dale has been a mortgage broker since 1996. This Article is designed to be of general interest and should not be considered accounting, legal, or tax advice. The specific information discussed may not apply to you. Before acting on any matter contained herein, you should consult with your personal attorney, tax adviser, or accountant.
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