MCP Help Blog

Your mortgage loan experience depends largely on the competence of your loan officer. A good one can make the process so smooth you hardly know you’re in escrow. A bad one can wreck your marriage, make all of your hair drop out, and have you falling off bar stools in no time. Okay, maybe that’s a slight exaggeration. But a good loan officer can get you a good loan and make sure you aren’t miserable in the process. A good loan officer is someone you trust and someone whose recommendations you have faith in. Here’s how to find one:

GOOD Loan Officers

* Return your calls. Within an hour in most cases.

* Explain themselves. If they recommend a mortgage loan product, they can tell you why it’s the best one for you. And they know mortgages well enough to explain programs and lending terms in plain English.

* Offer choices. In most cases more than one kind of loan will work for you. A good loan professional offers alternatives, gives you the pros and cons, and helps you make the best choice for your situation.

* Ask questions. The right loan depends on many things. How long do you plan to keep the property? Do you expect increases or decreases in income, such as college graduation or retirement? Does your income fluctuate? Are you a risk-taker or do you want to feel safe even if it costs more? If your agent isn’t asking questions, find one who does.

* Consider your comfort. Would you feel better if you could get your loan documents early and review them at your convenience? Would you prefer your loan officer to attend your loan closing? Do you want detailed explanations? Or do you prefer to “cut to the chase” and limit your involvement? Your loan agent’s work style should reflect your preferences, not his or hers.

* Thinks on his or her feet. Your credit report came in with an unexpected booger. Your business income was less than you thought. The property appraisal came in at a lower value. The lender discontinued the program you wanted. An underwriter has a question about your employment. Most loans get at least one monkey wrench thrown into the process at some point. A good loan agent prepares for these possibilities and solves the problems.

So when you are shopping for your home loan, look at more than rates. Check with several lenders, find two or three with good rates, and speak to their loan agents. See who can explain programs and mortgage terms like APR, and tell you how rates are determined. See who asks you questions about your lifestyle and finances. See who returns calls promptly and makes your part as easy as possible. Once you find the agent with skills and integrity you want, start your application. And stay off those bar stools!