Why choosing a loan officer is important
If you are looking to purchase a home or refinance an existing mortgage, looking for the right loan officer is very important. The loan process can become very lengthy, so you want to work with someone that you can trust and are comfortable with.
Mortgage Originators are there to help guide you through the process, and help set up your financial future. They are someone trustworthy to give you the best deal. You have to know that there are loan officers that are in the business for the quick cash, you want to make sure your potential loan officer has your best interest. Here are ways you can make sure you find the best one for you:
- Make sure your potential originator is licensed in your state. Also you can ask them for their NMLS# so you can search to see if they have had any fraudulent activity.
- They should ask questions and listen to your current financial situation, and ask about your financial goals to create a deal around you and your situation.
- Make sure their core business values match your needs. All loan originators have different values. Do not hesitate to ask questions that reveal their beliefs and intentions on helping with the loan process. Integrity is really important when it comes to choosing a loan officer. Make sure you feel comfortable with whom you choose.
- Make sure they are experienced. Loan officers are required to take a 20 hour coursework and pass a state and federal test to be licensed, pass a background check and have no felonies. The more experienced the more familiar they are with the home financing industry. Ask the potential loan officer questions about their experience, how many years they have been in the business, what kind of training they have had, and if they have any other expertise you should know about. You can also search their name on the internet. Look for testimonials and peoples feedback on their experience with that loan originator.
- Ask about customer service. Loan originator should be there to answer any questions you have along the way. They are to give you updates on the process as often as you request. Communication is important in any relationship, so be upfront with your loan originator on timing and means of your conversations. The best loan officer is someone who focuses on making the process as smooth as possible with the customers.
Hopefully this is helpful with choosing a loan originator. You want someone that can give you the best service possible. Choosing wisely is so important. Make sure you go with someone who is licensed, full of integrity, and experienced.
By Adam Gardner