Finding your dream home feels wonderful, but it can also be somewhat frightening to think that it might slip through your fingers if you don’t get your financing arranged. Any sales contract you sign will specify when the loan is expected to close and the buyer must have financing in place by that date or lose the deal.
This is when it’s great to be working with one of the industry best mortgage loan officers (LOs). But how can you tell whether you’re working with the right LO or not? Here are three clues that you’ve found a winner!
1. They call you back.
This seems like something you should just expect a business service provider to do, but it’s amazing how many people don’t bother to call you back when you leave them a message. People sometimes get back, but a good LO will always make time to call a prospective homebuyer back. If you find yourself leaving a second or even third message, don’t. Call someone else.
2. They work for a reputable lender.
No employee, no matter how professional they are, can be better than the company allows them to be. That means you’ll want to seek out the best companies and work with their employees. How can you tell if a lender is reputable? Start the same way you started looking for your new home, online. Check to see what other consumers have had to say about their experience and check the complaint database on the CFPB’s website.
3. They answer all of your questions.
Home financing is complex work and every borrower, not matter how experienced they are, will have plenty of questions. Most LOs who have been in business for a while have heard them all and some may be tempted to advise their borrowers not to worry about an issue or let them handle it. Don’t settle for that. Get answers to every question that comes to mind or get a new LO.
The right mortgage professional will be a huge benefit to you as you buy the home of your dreams. Make sure the one you choose is the right one for you.