With the myriad of mortgage options available these days it is advantageous to know what to look for when shopping for a home mortgage. The loan officer should be knowledgeable, competent and above all consultative. Too many loan officers take an application and make a recommendation without asking a single fact finding question. Look for a mortgage professional who asks the right questions such as: How long are you going to live in the property? How tolerant are you of interest rate risk? What type of amortization and payment options are you looking for? They should show you loan programs that make sense and explain them in a concise manner. Don’t be afraid to ask why one program suits you better than another and question their recommendation. Here, program selection is crucial since once the loan is funded it can’t be redone without considerable expense. Once the loan officer makes a recommendation he or she should touch on the merits of the loan program and explain why it is superior to the other options available in the market. Their reasoning should tie back to what they discovered about you and your unique situation through fact finding. Next, you should feel confident that the loan will be done correctly, close on time, and the fees associated with the mortgage match the Good Faith Estimate at closing. Don’t be afraid to ask the lender questions about the processing of your loan. This is the point in the process where credibility and trust are created or not. You should leave their office feeling comfortable and confident that you selected the right person and company to do the job. If not, move on and continue your search.
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