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What to Look For in a Mortgage Loan Officer

What to Look For in a Mortgage Loan Officer

What to Look For in a Mortgage Loan Officer

Whether you’re shopping around for the best home mortgage or looking for the right time to refinance your home loan, there should be an individual right beside you throughout the entire process. This will be your loan officer, and they’ll help you determine the right loan for your current situation. 

The task of finding the right loan officer will arrive after you’ve determine the best lender for you. There are a few different factors that go into finding a mortgage professional through your home journey. Off the bat, you should figure out if their skill set go hand in hand with what you as a borrower want.

What is the Role of a Loan Officer?

If you’re relatively new to the home loan process, you might not be familiar with the positions, “loan officer” or “loan originator.” Both of these terms can be used interchangeably to refer to the representatives of banks, credit unions or financial institutions.

The main requirements of a loan officer is to assist prospecting individuals with home loans or refinancing. These types of loans also need to have an underwriter, a mortgage professional who can either approve, suspend or decline your mortgage application based on a few different factors.

Finding The Loan that Works For You

Your first plan of action when it comes to finding the right loan officer should be to determine what kind of mortgage you’re after.  For individuals with lower income or financial struggles, you may lean toward a Non-Conventional loan or even apply for a mortgage with a TAX-ID number, if your current situation calls for it. You can also go down the route of Conventional Loans with low down payments and flexibility in loan terms.

If you haven’t heard these program options before, it’s not a problem, that’s where the knowledge and expertise of a loan officer comes in handy. After they’ve walked you through the different requirements for each loan or what loan perfectly suits your current standings, you’ll need to determine if this mortgage professional has your best interests in mind and can educate you about the loan your after.

Have your Documents Ready

You know your working with a professional when the loan officer requests and insists on having your loan documents. This could include tax returns, W2 forms, bank statements and so on. By collecting this information, they’ll be able to suggest loan programs that you can qualify for. If the loan officer in question dedicates time to figuring out what program is best for you and will work, they’re definitely on your side.

Do They Have the Right Amount of Experience?

Being a rookie or being a tenure doesn’t always speak to the experience of a loan officer. To get a feel for how experienced they are in the industry, ask them a few questions.

  1. What training have you had?
  2. How long have you been with this company?
  3. Do you have experience in other areas of loans?
  4. How many mortgages have you approved?

With questions such as these, your not only trying to figure out what kind of work they’ll provide for you, but if they have the necessary skills and foresight to get through certain circumstances. It doesn’t always come down to little or no experience, but it should be something you’re aware of.

Do you Connect Well?

From time to time, loan officers could have a lot on their plate, but you want to be sure that they communicate with you. Not only that they communicate and respond to your questions, but that they have patience with you and are willing to provide you with enough information to make the right decisions.

If you’re more of a numbers person, you might connect better with a loan officer who can help you make major decisions based on the math. On the other hand, you may be all about forming a relationship and having trust in your loan officer. No matter what kind of person you are, you need to make the best fit for your needs.

Ask the Determining Questions

It’s not always easy to choose the right loan officer for your situation. You could be going off reviews from other individuals or simply just winging it. Either way, you’ll need to have good communication with your loan officer. Ask them questions like:

  1. How will we communicate? Is it best by email or phone? How long will it usually take for you to get back to me?
  2. What are the turnaround times for preapproval, appraisal and closing?
  3. What are the interest rates?
  4. What is the processing time like for a home mortgage?

These are a few more questions you can ask your loan originator. These will help you determine if this is a good fit for you as well as any deal-breaking questions you need answered.

The Right Loan Officer is Only a Call Away

If you’re currently looking for an experienced loan originator, you can reach out to us at Prysma. We’ll get you in touch with someone who understands your situation and wants nothing more than to help you achieve your dreams of home ownership or simply refinance your current mortgage. Give us a call: