Tips on Finding the Best Mortgage Officer
A home buyer’s experience should be seamless and stress-free. However, to have a smooth home buying experience, you must work side by side with a good loan officer. A loan officer, also known as a licensed loan originator or registered loan originator these days, is an individual whose main responsibility is to provide services such as gathering personal information from loan applicants and working with the receiving end underwriting department. In this article, we are going to explore practical tips for finding the best mortgage officer.
How to quickly find a loan mortgage officer
- Inquire from a friend.
- Ask a family member.
- Talk to a mortgage loan professional like real estate agents.
A good mortgage officer should be proactive and should keep you informed through the loan application process and not the one who will surprise you. No! A loan officer should provide you valuable advice, identify a mortgage plan that suits your needs and help you in making financial moves.
The process of finding the best mortgage officer
After your friend, family member, or mortgage officer has advised you on the best mortgage officer, you have to take another initiative to determine if they are experienced enough to handle your loan bids. Here is the process of choosing the best of the best.
Create time for an interview
Once you have set the interview, prepare some questions to ask. The following are critical things you should ask.
- The number of years mortgage officers they have been licensed.
- Ask for their NMLS number.
- Ask them the period they have been with their current company
- Ask them if they are experienced with the specific mortgage program you want and how many successful mortgage plans, they have done.
- Ask them about the loan processor.
- Ask them about the expected processing time for your desired mortgage type
- Ask for their track record or their work profile.
After the interview, you can check the credibility of the information they provided through a nationwide mortgage system and identify if there are complaints launched against them.
Qualities of a good loan mortgage officer
- Transparency – they should not overpromise. They should be frank in providing information on loan status.
- Passionate about what they do.
- Data-driven – they should know current market statistics.
- Uphold ethical standards like accountability.
Moreover, a good mortgage officer will have excellent skills in tax returns and technology. Everything is being taken over by technology, and therefore, they should be tech-savvy.
More Tips for First-Time Home Buyers
- How Long Does it Take to Close on a House? A 10-Step Process
- 7 Keys to Getting Your Offer Accepted in a Seller’s Market
- Should I buy New Construction or an Older Home?
- Can I Negotiate Closing Costs?
- 10 Questions to Ask When Buying a Home
- Are House Inspections Necessary?
- Mortgage Options for First Time Home Buyers