It’s the status quo in America that consumers are willing to pay top-dollar for recognizable brands. When it comes to selecting a mortgage lender, consumers are no different. Home buyers often seek big-time mortgage lenders that seem to have both the reputation and credibility to guide them through their personal endeavors. However, what the buyer does not always see on paper is that there is a specific loan officer that they work with directly; not the large, brand name company themselves.
Home buyers are often misguided in their trust of loan officers. They let the brand name overshadow several factors of a loan officer’s ability to get the job done: their education, their experience, their track record. However, these are the exact things a borrower should look for in a mortgage lender and more specifically, a loan officer.
What to Look For
Of the qualifications of a loan officer, perhaps the most important is a proven record of getting the job done. Consumers should be looking for the most skilled financial mortgage expert. These individuals end up being the biggest producers in the mortgage industry, and in turn are often the best option.
Often, loan officers will try and beef up their title in order to stand out from the crowd. This is done by putting “MBA, CPA, Senior Loan Officer” on their business cards or email signature. Do not be fooled by these titles; after all, even the Great Wizard of Oz was just a man behind the curtain. Make sure you do research on the mortgage lender and the representative before making a choice. They can have all the titles in the world, but little experience in the field can prove to be a bad match for your situation.
So what can you do to avoid buying into such mistakes?
1. Find A Trusted Referral
First, start off by asking someone you trust that has recently gotten a mortgage to see if they recommend a lender. Chances are, if you trust them, you should be able to trust their lender. These people you ask can include your financial adviser, attorney, accountant, or a friendly realtor.
2. Do Your Research
Next, make a thorough search on the internet for details such as fees, lock-in periods, and qualification requirements that may be hidden behind glamorous advertising. In addition, ask about things like Good Faith Estimates and Truth In Lending statements to see if the lender is right for you. After all, the lender and the loan officer you choose are helping you make one of the biggest financial decisions that one can make.
3. Take A Breath
Overall, take your time, choose a lender you trust, and stay away from the man behind the curtain whose only go-to tools are smoke and mirrors.
Looking for a great Mortgage Consultant who can help tailor a mortgage to your financial goals? Contact On Q Financial Inc. for more information!