Choosing the Right loan Officer can be a tough process.
Who should you choose?
With our years of experience in the industry, we have come to realize certain requirements:
1) Are you going to go with a Bank or a Mortgage Broker?
The banks are well known, but their rates tend to be 1/8 to 1/4 of a point higher, have more fees and usually take longer for approvals.
With that being said, we typically suggest you look for a good Mortgage Broker
2) How many lenders does the Mortgage Broker work with?
The more, the better. We have found that there can be as much as a 1/4 point difference in lenders.
The other big plus, is underwriting guidelines. NO 2 borrowers are alike, what is easy for 1 lender, may be troubling for another.
3) How does the loan Office Communicate?
Does he/she get back to you timely?
Does he/she explain the steps clearly?
What is his/her background?