Top Qualities of a Mortgage Loan Officer

Congratulations on your decision to buy a house, it’s a big one.  When you’re looking for a loan officer, you should look for several things to make sure you get the best.

Finding the right loan officer is not a task that should be taken lightly.  You will be relying on this person for financial guidance on one of what is likely one of the largest purchases of your life.

It’s important to make sure the person has a great reputation.  Ask your real estate agent for a loan officer they work with regularly or friends and family for referrals.

It’s also important to make sure you look for someone you can work with. Look for someone’s style that matches yours.  If you are a morning person or only have availability in the morning or evening, it’s important that your loan officer be available during those times.  Make sure you “click” and can communicate well.

Cathing any red flags early could mean savings for you in the long run.  And by all means, make sure that you chose the most knowledgeable person.

Don’t hesitate to ask your potential loan officer if they can provide references and testimonials. Professionals usually have online reviews that they can provide you links to.

A high quality mortgage loan officer shaking hands with a new homeowner.

Here are some great suggestions that you should ask during your search for the best loan officer for the job.

  1. Ask about fees.

Ask how many fees the lender charges and what they are all for.  As a consumer it is good to know that there are laws in place to protect you however; brokers who work with multiple wholesalers can still have different fees with different wholesalers.

  1. Look for someone with experience in your community.

It is important to work with a loan officer who is connected with the community.  This knowledge will ensure that your lender knows who to reach out to if problems come up.  It’s also important that your lender is aware of the local laws and ordinances.

  1. How many lenders do you deal with?

A loan officer typically works for a single brokerage company, while a mortgage broker works with several lenders having less control over your transaction in most cases.  Ultimately, it’s up to you to decide what you prefer.

  1. How long have you been in the mortgage business?

It’s ok to ask about their personal background.  Questions like, how long has the individual been working as a licensed broker or how many loans did the loan officer close in the past year are perfectly acceptable.

Side note: As a result in the upheaval in the real estate industry over the past several years, it’s not uncommon for a mortgage professional to have switched companies.  It’s also recommended to research the company online to see if the company has a history of complaints filed with the Better Business Bureau.

  1. Do you have any special expertise?

If you’re planning to get and FHA Loan or a VA Loan, it’s best to seek out a lender with experience and contacts in that market.

It’s always important to trust your gut.  Ask yourself, do I trust this person to answer my calls promptly?   Do I feel like this person is ethical and professional?

Do not just settle for a lender who picks up the phone when you call, make sure you work with the best person for the job and the person who fits with your needs.

The Certo Team
55 N. Arizona Place Suite #103
Chandler, AZ 85225

Contact a licensed housing specialist now! 602-429-6789