Just as you would shop around for an attorney or a family physician, so should you put similar care into selecting your mortgage representative. Getting caught up in the thrill of the hunt for a home could make one hurry through the screening process for a mortgage lender. However, avoid the temptation of rushing through this important decision. After all, when you make what will likely be the biggest purchase of your life, you want to be in good hands. Here are a few things to consider before making a final choice on who will handle your home loan.
1. Look for a mortgage representative with a good reputation. Seek recommendations from friends, neighbors, and co-workers as to which mortgage company or individual loan advisor they used. Ask lots of questions to gain an understanding of how their overall experiences were. Be sure to pose the question, "If you had to do it all over again, would you choose the same person?"
2. Next, find out how experienced the representative is. Specifically, how many years have they worked in the mortgage industry and are they familiar with the local market?
3. If they operate from a physical office, pay them a visit. Make observations regarding how busy the office is and whether or not the atmosphere reflects professionalism. For mortgage representatives who work for a large, national company and do not have a local office, contact the headquarters to confirm any details that your prospective loan officer gave you.
4. Before you confirm your choice, make sure that the representative has completed any and all state and national licensing requirements. Make sure all of their credentials are actual and up to date. Ask for 5 references and make sure to check them.
5. You'll want to choose someone who is knowledgeable about all of the financing options that are applicable to your situation. It is of vital importance that your mortgage representative provides you with complete and detailed information such as, the qualifying terms, fees, interest rates, and payment schedules on all of the loan programs you are eligible for. That way, you will be able to make an informed decision.
6. Your representative should keep lines of communication open, and be available when you are. If because of work or family commitment you might need to discuss your loan outside of normal business hours ask the mortgage professionals you are considering whether they would be able to work with your schedule. Some mortgage companies can even arrange for the loan closing to take place at your home or office at whatever hour you choose (whether this is an option depends in part on whether your state requires that an attorney be present at the closing.)
7. Finally, make sure that the mortgage representative that you choose is always clear and upfront regarding the entire home loan process. Let it be known that you expect a detailed explanation of the mortgage agreement, including all fees, fluctuating fees, and any other costs associated with your loan. Insist that these details are given to you in writing. Read what you are given and make sure you understand and are in agreement with the terms provided.
1. Look for a mortgage representative with a good reputation. Seek recommendations from friends, neighbors, and co-workers as to which mortgage company or individual loan advisor they used. Ask lots of questions to gain an understanding of how their overall experiences were. Be sure to pose the question, "If you had to do it all over again, would you choose the same person?"
2. Next, find out how experienced the representative is. Specifically, how many years have they worked in the mortgage industry and are they familiar with the local market?
3. If they operate from a physical office, pay them a visit. Make observations regarding how busy the office is and whether or not the atmosphere reflects professionalism. For mortgage representatives who work for a large, national company and do not have a local office, contact the headquarters to confirm any details that your prospective loan officer gave you.
4. Before you confirm your choice, make sure that the representative has completed any and all state and national licensing requirements. Make sure all of their credentials are actual and up to date. Ask for 5 references and make sure to check them.
5. You'll want to choose someone who is knowledgeable about all of the financing options that are applicable to your situation. It is of vital importance that your mortgage representative provides you with complete and detailed information such as, the qualifying terms, fees, interest rates, and payment schedules on all of the loan programs you are eligible for. That way, you will be able to make an informed decision.
6. Your representative should keep lines of communication open, and be available when you are. If because of work or family commitment you might need to discuss your loan outside of normal business hours ask the mortgage professionals you are considering whether they would be able to work with your schedule. Some mortgage companies can even arrange for the loan closing to take place at your home or office at whatever hour you choose (whether this is an option depends in part on whether your state requires that an attorney be present at the closing.)
7. Finally, make sure that the mortgage representative that you choose is always clear and upfront regarding the entire home loan process. Let it be known that you expect a detailed explanation of the mortgage agreement, including all fees, fluctuating fees, and any other costs associated with your loan. Insist that these details are given to you in writing. Read what you are given and make sure you understand and are in agreement with the terms provided.
Lisa Andree is a marketing professional who helps mortgage companies promote their brands and products such as mortgage rates and jumbo loan programs online.
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