Hiring the right mortgage professional is a significant accomplishment. The right mortgage professional will be a trusted source of financial information throughout your adult life. Here are some thoughts on finding the right one.
1. First, the right mortgage professional will be able to give you a pre-approval to buy a home as opposed to a pre-qualification. Here’s the difference: if you haven’t provided a single piece of paper, you have a pre-qualification, and it isn’t worth much, nor is the person giving it. If you’ve provided tax information, pay stubs, and bank statements, then you have a pre-approval, and possibly the start of a lifelong business relationship.
2. Another difference is availability. You should have a handful of ways to reach out to your loan originator or their team directly. A good loan originator gives you their direct e-mail and cell phone number; they expect you to use them.
3. The final difference here is problem solving. The right loan officer will talk with you about your overall home buying situation, knows what questions to ask (about you and your potential property) in order to anticipate issues.
In my experience, local mortgage companies and small banks are where the top notch loan officers are employed. They will guide you through the process, make sure your deadlines are met, and can be reached directly when (not if) issues arise. If your loan officer doesn’t check ALL of these boxes, you’re not getting the service you deserve. Still have more questions? It’s ok, call me.