Everyone knows that having a great loan officer is important when you are getting ready to buy your new home. Choosing the right loan officer doesn’t have to be a challenge when you follow these simple suggestions.
Ask for referrals
First, you can save yourself quite a bit of time and effort by looking for referrals from people that you know. Just about everyone knows someone who has bought or refinanced their home in the last few years. Ask those folks what they thought of their loan officers and if they could provide you with a referral.
If you don’t know anyone who has used one recently, you can always check other sources. The Internet is a great resource to find out information about loan officer and to find testimonials and referrals from their customers.
Interview them before committing
Once you have a list of officers that you are considering, you will be able to interview them. Ask as many questions as you have, and make sure that they are able to explain all of their answers to your satisfaction. Make sure that they are able to help you find the program that is going to work for you specifically. You will find that they can offer a number of different programs, and it pays to learn about them all so you will be able to make an informed decision.
The loan officer will need to have access to your financial information. When you call for an appointment, ask them what information they are going to need. In most cases, you will at least need to have information about your income and assets. They will also need to know your credit score, but don’t let them pull the score. Wait until you’ve chosen the loan office with whom you want to work. You want to wait so that there aren’t too many hard pulls on your score, which can lower it. If you have a dozen people pulling your score, it might drop enough that your rates are going to be higher!
Only after you have investigated all of your options and are able to choose one that offers the most should you choose. Put in the time and do the research. You will have a better experience for it, and it can help you to save quite a bit of money over the course of your loan.