Five Questions to ask your Mortgage Loan Officer
Choosing a lender is a big decision, but asking these five essential questions can shed some light on your prospective mortgage professional and put your mind at ease.
Let me give you a little insider advice about how not to choose a mortgage lender.
Sometimes when folks call my office, they have to leave a message. Maybe we’re all on another call or in a meeting. We do our best to return those calls within the hour, if not within minutes. But every now and then, when we return a call someone tells us:
"Oh, I had a list of lenders, and the first one who answered - that's who I went with."
Yikes.
That might seem efficient, but it's actually a terrifying way to choose who's going to handle one of the biggest financial decisions of your life! Let me tell you what one of my REALTOR partners shared with me over lunch.
It was a major holiday and his client needed to get pre-approved that night to make an offer. He called down a list of lenders. Most were unavailable - understandable for a holiday. But one person picked up, so the buyer went with him. And it turned into the worst lender experience my REALTOR friend has ever witnessed.
The loan officer was brand new - he didn't know what he was doing. He lost the buyer's documents multiple times. He got into an actual shouting match with the customer. The deal almost fell apart. And they had to delay closing - twice.
Here's the truth: You want your loan officer to be busy - especially in this market. If they're in demand, it means they're good at their job.
We absolutely triage our files. If someone is making an offer tomorrow, that file gets top priority. But if you're just starting your home search, it might take a day or two to get a full review. That's normal. That's professional.
Think about it this way: If you called your dentist and the receptionist said, "Come on down! No wait! No appointment necessary! We're here all day!..." wouldn't you be a little suspicious?
Choose your lender based on experience, reputation, and reliability - not who answers the phone first.
You can win when the market is changing. We can show you how. I’m Emily Caryl Ingram. I lead a team at New American Funding providing home loans throughout the Pacific Northwest. Call, text, or visit emilycaryl.com when you’re ready to get started.
