Deciding to purchase a home is a big step for anyone, especially when it comes to finding the right financing. You are making a decision that will impact your finances for a number of years, so it is important to partner with someone who can understand your needs as you weigh your financing options.

A mortgage loan officer can be the individual you work with throughout your financing experience. They can help you to weigh your options, then work with you through the approval and closing process. Therefore, it is important to pick someone with the right combination of experience and financing options to meet your needs. Below are a few tips to help you identify the right mortgage loan officer for you!

Understand the Mortgage Lending Landscape

The first thing you need to know is that there are a variety of lenders out there and each of them are going to offer different financing options, as well as loan terms and interest rates. For instance, a mortgage broker can comparison shop for interest rates. Working with a broker will give you access to multiple lenders, which can help you to find the best loan terms and interest rate based on your credit score and the underwriting of your application.

Before you choose to go with one mortgage loan officer or lender, it is important to check the Nationwide Multistate Licensing System Registry to make sure they are registered to work in your state. You can also check the Better Business Bureau to read reviews and get information about a lender before you move forward.

Read the Fine Print

While interest rate is not the only factor that you need to weigh, it is important to be sure that you read all the loan terms, so you understand what you are agreeing to. After all, the interest rate may be favorable, but the rest of the terms may not be.

Before you start the process, you also need to clearly know your budget and what you can comfortably afford to spend on a monthly basis. For example, if you are required to have additional mortgage insurance, that could impact your payment and perhaps impact what you budgeted for a mortgage payment.

Ask The Right Questions

As part of your process, you need to ask a potential mortgage loan officer about several areas. One of these is timeframe. After all, if they can quickly complete the pre-approval, but the rest of the application may take longer, which could impact your ability to close. Here are some other points to ask about:

  • Are they responsive and how do they communicate with their clients?
  • What fees are you going to charge and can any of them be rolled into my mortgage?
  • What fees am I responsible for as part of the closing costs?
  • What are the down payment requirements for their financing products?

There is much that you need to consider before settling on the right mortgage loan officer. To learn about the options that we provide at Elevation Mortgage, along with our efficient process to get you to closing, contact me today!