getting any loan closed on these days it is hard all by itself. If you should happen to choose a mortgage company or loan officer who does not know what they are doing, closing just got ten times harder. So, here are a few tricks and tips that can help you pick the right one for your loan.
Make a list of 5-7 loan officers from several different mortgage companies. You may want to ask your friends and family members who have used and ask if you would recommend them to you. You can also ask your real estate agent or title company, would recommend. Remember, you only need a mortgage company at the end of the day.
Call all the names on the list. If a loan officer answers the phone when you call them, put a star by their name. If you come back to you within an hour, you can also give them a star. If you can not call or answer the phone, they scratch off your list and move on. You do not have to enter a working relationship with someone that you can not get a hold of. Also, professionals value their phone calls. You can be sure that if you do not pick up the phone now, they will not answer the phone or later, when they are under contract and important question.
Ask your lender how many loans are closed in the last month. Also, ask for the last 5 phone numbers of loans that are closed. After that you can interview other people who have actually worked with your prospective lender. If they can not or are not willing to offer you references in the form of happy customers, you should move to the next name on the list. Good loan officer to take pride in happy customers, if they can offer you other happy campers, this is a good sign that you will be satisfied with your loan, too.
As you talk to your potential lender, ask them what loan programs you would recommend. If you do something local, you can learn about state-funded programs and ask your lender what they can tell you about specific loan programs. There are many countries with government funded and able to make sense to find a lender to know about local programs, and even grant programs that could be an option for you.
As a side note, if any time you complete the switch from all the names on the list, start all over again with new names and new list.
Last but not least, schedule an interview with the prospective lender. Make a list of questions to ask about the loan process, closing process and your loan options. Choose one that is able to explain things easily for you.
