If you’re shopping for a home, you’re going to need a great loan officer. Don’t assume they are all the same, because lenders vary widely in their offerings. Find a lender who will work with you to make sure your experience is a positive one. Here’s how.
Ask for Recommendations
Talk to people you know who have recently purchased a home and ask if they liked their lender. If they did, find out why. If not, make a note to avoid that particular loan officer. One of the easiest ways to find the best mortgage lender is through your family, friends, and coworkers.
See What Your Realtor Says
Get your real estate agent to weigh in on who they think would be a helpful lender for you. Since your Realtor already knows you, your financial situation, and the type of property you want to buy, he or she will have insights into lenders who are great fits for you.
Schedule a Meeting
Once you have a short list of potential lenders, set up a consultation with one or more potential loan officers before you make your decision. Explain the type of home you’re looking for and your financial situation. See how helpful and attentive the lender seems, and how knowledgeable they are about the mortgage process. If they try to rush you, or take calls and text during your meeting, they may not be the best choice for you.
See If You’re Comfortable
Yes, it’s vital that lenders offer the mortgage loan you want, and that they possess expertise in the mortgage process, but you also need to vibe with them. Securing a mortgage and buying a home can take weeks, or even months, and it goes more smoothly if you’re working with someone you feel at ease around.
Ask for Explanations
Don’t be shy in making sure you understand every aspect of your mortgage loan process. Ask your loan officer to explain any topic that’s not clear to you and go over documents before you sign them. They should also be willing to answer questions about your credit score and items like FHA loan requirements. You need to be comfortable with the decisions you make regarding your mortgage loan, and your lender will be instrumental in making that happen.
Make Sure Their Loan Options Fit You
Not every lender offers all the available loan programs. If you’re planning to take advantage of a VA loan, for example, you need to work with a lender who provides those loans. It you don’t know which type of mortgage loan will be the best choice for you, your loan officer should lay out your options, the requirements of each one, and the advantages and drawbacks of each one.
These tips are sure to help you find the best mortgage lender for you. If you want to talk to an experienced lender, contact Mortgage Investors Group today. We offer a wide array of loan programs and are ready to help you make the right decision.