CHOOSING A LOAN OFFICER
Similar to selecting your Realtor, choosing a loan officer should be based on a recommendation or by reading online reviews (just like we all do before making a large purchase such as a car, household appliance, etc). If you already have a trusting relationship established with a Realtor, ask them to provide you a couple recommendations.
You should interview at least 2 loan officers before selecting one to originate the mortgage on your home purchase. The list below covers several items that you should consider when interviewing loan officers:
- Have you solicited referrals from friends, family or coworkers?
- Is the loan officer local to your market and aware of the local financing programs?
- Can he/she provide references?
- Do you feel comfortable with the loan officer’s character? Do you feel they are genuine and not a “salesperson”?
- Do they speak objectively with supportive data? Or do they make generalizations?
- Are they willing or have they prepared a Good Faith Estimate to objectively forecast your future monthly payment and the closing costs that will be associated with your mortgage.
In the meantime, here is a link to General Financing Tips that covers most of the general FAQ’s that can really help you set off on the right foot in your pursuit for a home mortgage. This link also defines many of the important mortgage acronyms to help you better understand the components of mortgage origination.