Finding the Best Loan Officer

Buying a home involves a lot of players on your real estate team, and a loan officer is one of them. Unfortunately, in the mortgage industry, it only takes one bad loan officer to mess up a deal. The loan officer is the front person for a mortgage company. You will interact through them through the entire loan process, so it makes sense to get the best loan officer you can find.

Good loan officers have been in the real estate business for many years. They rely on repeat business, and one way to do this is to establish a good long-term relationship with a realtor. In fact, one of the best ways to find a good loan officer is by asking a realtor for a referral.

It’s up to you to find the best loan officer when buying a home or refinancing a current mortgage. The following information should help you to find a skilled and qualified loan officer:

Qualities of a good loan officer

·         They look out for clients’ best interests before their own.

·         They are professional.

·         They are helpful in answering your questions about the home buying/refinancing process.

·         They have excellent salesmanship skills.

·         They can effectively communicate.

·         They are friendly.

·         They are good with numbers.

As stated earlier, loan officers are the front people for mortgage companies. There are no education requirements and you don’t need a degree to become a loan officer. There is a required test and annual certification process, and a loan officer must meet the state licensing requirements. Other than those things, almost anyone can be a loan officer. A loan officer needs salesmanship skills as well as the ability to effectively communicate. It’s also helpful if they have a good grasp with numbers.

Questions to ask your loan officer

·         How long have you been in the business?

·         What is your availability?

·         What lenders do you use?

·         How much money will you make off of my loan?

·         What are the lender closing costs?

·         What is the APR and interest rate for this loan?

·         What is the rate lock policy?

In the midst of selecting a loan officer, consider the advantages of knowing the true value of a home. Be sure to obtain a free home valuation report from Neighborhood IQ to find out how much a property is worth before you buy. Or if you are refinancing, it helps to know the value of your home.

The Home Loan Advisor can analyze your property, current market conditions, local market comps, and other variables in our proprietary algorithm, but we match you with potential lenders who have products that may help you and provide you with a sense of stability.