Obtaining a mortgage for your new home is not about picking the first person or company you find on the web or call. Selecting the right mortgage lender is essential. The mortgage lender should make you feel confident that he/she will work with you to find the best loan to fit your mortgage needs. It’s important to find a full-time professional who specializes in residential loans and is familiar with local conditions, values, and practices. A loan officer experienced in putting together unusual transactions is also beneficial.
Here are a few questions to help you select the right loan officer.
- What percentage of your business is FHA & VA compared to conventional mortgages and how long have you been doing them?
- What percentage of your loans close on time according to the sales contracts?
- Will my credit score affect my interest rate?
- Will you help me select the best loan product for me regardless of your commission?
- Are there prepayment penalties on any of the loans we’re considering?
- Are there any restrictions on refinancing any of the loans we’re considering?
- When is my loan rate locked-in? Is there a charge for that?
- Is your loan underwriting in-house?
Ask your real estate professional to recommend a few trusted lenders.