Choosing the right lender can feel overwhelming! There is no shortage of mortgage lenders, and like home loans, no two mortgage lenders (loan officers) are the same. From training to expertise to experience, each lender brings something different to the table.
However, every lender should ask the right questions to get vital information from you that will aid them in making the best decisions with you.
Below are questions you should expect (and demand!) from a capable loan officer:
- How much do you want to pay monthly?
- How much is your ideal down payment?
- How long do you plan on paying the mortgage?
- How long do you plan on living in your new home?
- How much cash do you plan to bring to closing?
Choosing the Right Lender: Someone you can share your goals with
While you might decide you want to live in your new home for 20 years, you may have plans that are unknown to your loan officer that will impact the loan that is right for you. For example, let’s say that you decide to rent the house in three years and keep it as an income property. Or, perhaps you have no desire to have a mortgage after 15 years even though you might choose to start with a 30-year term loan. This information gives a loan officer the insight needed to guide you towards your ideal outcome.
If not, you should strongly consider another lender, or be prepared to give them this information whether they ask it or not!
What questions can I answer for you? Call my office at 985-300-LOAN or contact me through the website HERE
PS: If you interested in learning more about choosing the right lender, check out Stephanie’s video on the topic (Or watch here on YouTube)