With so many mortgage companies to choose from these days, how do you choose the right one? Here are some key points to think about when choosing a loan originator.
1. Communication: It is imperative that you understand the new investment that you are about to make. Do you have a clear understanding of the loan? Make sure all questions are answered before you begin.
2. Guidelines: With so many options available for a home mortgage, it’s important that you feel comfortable that your loan originator knows the programs that they offering as well as the many guidelines for each program. Guidelines are constantly changing. Ask yourself is this person up to date on any changes that may affect your loan?
3. Reviewing Documents: Make certain that they are reviewing documents provided to them. Often documents will require additional supporting documentation. A loan originator needs to be able to document to the investor all aspects of your income and assets. Prompt review of documents can ensure closing delays are avoided.
4. Trust: Does your loan originator have my best interest in mind? A good loan originator will respond to you in a timely manner so that all lending opportunities can be utilized.
5. Teamwork: Does your loan originator have a team backing them? This is one of the most important things to look for. The loan originator is simply the face of this team. There are several members behind the scene that includes processors, underwriters, closers, operations management and more.
Ultimately this is your investment, your future. You should feel confident and comfortable with your mortgage loan originator. Don’t be afraid to ask questions so that you have all the facts upfront. You should expect to have an experienced, knowledgeable expert for to help you with this important time in your life.