10 Questions to Ask Your Loan Officer
I’m not a loan officer. But I work with a lot of them. Not all loan officers are created equal, for obvious reasons. The good news is that a lot of the sub-par lenders have gotten out of the business over the past few years, and that means you are probably working with a decent mortgage officer in this market.
However, just because they may be better than average doesn’t mean they are the right Lender for you.
Here is a great list of 10 Questions to Ask Your Loan Officer:
- Do You Offer FHA (Federal Housing Administration) Loans?
- Do You Offer CASA Loans?
- What “Special” Loan Programs do you Offer for First Time Home Buyers?
- Do You Offer Face-to-Face Appointments?
- Do You Offer Evening Appointments?
- Do You Offer a Closing Cost Guarantee?
- Do You Have in-house Underwriting or Do You Need to Send Loans Out for Final Approval?
- Do You Fund Your Own Loans of Do You Have to Rely on Other Lenders to Get The Money?
- Where Can I Read Articles You Have Written or Material You Have Created?
- What Makes Interest Rates Change?
The important thing is to always ask questions! Even if you don’t know which answers are better than others, ask the mortgage officer anything you aren’t sure about. The process, interest rates, types of loans you qualify for, etc. Pay close attention to their answers, but more importantly see if they are willing to share this knowledge and help educate you.
If they blow you off or give very short and vague answers, then they are probably not the right lender to be helping you buy your first home.
More than anything you want to work with someone who you feel comfortable with, and confident that they are looking out for your best interests and not just completing another transaction.
I will give a shameless plug to our Lenders at Cornerstone Mortgage for being leaders in the Lending Community in MN for the past 5+ years. Specifically our First Time Home Buyer Loan Specialist Alec Grebis.
Alec and I give free First Time Buyer Classes every month, and he can access many different programs though the state and local levels that very few lenders can. Start the Pre-approval process online for free. Or visit Alec’s blog at The Mortgage Scoop.
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