Interview questions to ask?

[chan85]

What types of questions should I ask a loan officer to decide if they work for me? I am a first time home buyer and not sure how to go about selecting the right one?

Also, what types of questions did some of you ask your real estate agents before you selected one to work with?? I used an agent to find the house I am currently renting and by the end of the transaction I had made her cry and told her off because she was so useless Just want to avoid that again, it damaged the friendship between me and the person who referred her to me.....

[germaine47]

I chose my realestate agent, because she worked with my best friend who is considered as to have  a compulsive behavior disorder.  My best friend is very particular, clean and hard to please.  I felt that if she found a house that would fit my best friend's needs then that was the realtor I wanted to work with. My realtor has won awards in customer satisfaction in my area, so I would check to see if the agent has the similar criteria.  What sealed the deal for me is that my Agent sat down with me before I had my prequalification letter and asked what I wanted in a house, she has always answered my calls any time in a friendly demeanor and with respect. I would choose one with a back ground in handling foreclosures or shortsales,( you may never know what type of property you may want )and she is   willing to work with your best interest in mind. 

I chose my mortgage broker because she was willing to allow me to fax my credit file over to her without having to pull my FICO.  She explained all the steps and possible up front money that I may require. She also gave me a list of required documentation(W2s,three years  tax return, 2 months of bank statements,  401K statement moneys, and 2 months paystubs). A good broker will tell you what loan you may qualify for and be honest with you no matter what.  She  explained the time frame I would have before my credit would have to be pulled.  Today is Saturday and my Mortgage Broker called to see if I needed anything and to let me know that my appraisal had been done and that all repairs will be done before any money is funded.  She told me not to worry that she is behind the scene making sure that my loan will close on time and if I don't have all the money for closing that they will role the amount into my loan. 

Bottom line, ask them each step of the process.  I paid earnest money towards a home by way of cashier check and forgot to make copy but guess who did?  My realtor did and it helped because my Mortgage wanted a copy of it as well.  I am still anxious but just imagine if I was surrounded by incompetent people, I probably hanging off the chandelier by now.

[chan85]

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@germaine47 wrote:

I chose my realestate agent, because she worked with my best friend who is considered as to have  a compulsive behavior disorder.  My best friend is very particular, clean and hard to please.  I felt that if she found a house that would fit my best friend's needs then that was the realtor I wanted to work with. My realtor has won awards in customer satisfaction in my area, so I would check to see if the agent has the similar criteria.  What sealed the deal for me is that my Agent sat down with me before I had my prequalification letter and asked what I wanted in a house, she has always answered my calls any time in a friendly demeanor and with respect. I would choose one with a back ground in handling foreclosures or shortsales,( you may never know what type of property you may want )and she is   willing to work with your best interest in mind. 

I chose my mortgage broker because she was willing to allow me to fax my credit file over to her without having to pull my FICO.  She explained all the steps and possible up front money that I may require. She also gave me a list of required documentation(W2s,three years  tax return, 2 months of bank statements,  401K statement moneys, and 2 months paystubs). A good broker will tell you what loan you may qualify for and be honest with you no matter what.  She  explained the time frame I would have before my credit would have to be pulled.  Today is Saturday and my Mortgage Broker called to see if I needed anything and to let me know that my appraisal had been done and that all repairs will be done before any money is funded.  She told me not to worry that she is behind the scene making sure that my loan will close on time and if I don't have all the money for closing that they will role the amount into my loan. 

Bottom line, ask them each step of the process.  I paid earnest money towards a home by way of cashier check and forgot to make copy but guess who did?  My realtor did and it helped because my Mortgage wanted a copy of it as well.  I am still anxious but just imagine if I was surrounded by incompetent people, I probably hanging off the chandelier by now.

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That made me laugh! Unfortunately, I am "that friend" who is hard to please, and the first out of most of my friends to buy a house. But that was all helpful information! Thank you!!

[Booner72]

I would just ask general questions about FICO to see how much they know.  That would give me a gauge.  I'll bet u know more than they do, so don't let that be a dealbreaker.

First off, find out about their communication policy with you.  Make sure you can email or call every day if you have to - especially when things are getting down to the wire.

Find out how long they've been in the business, etc.  Maybe ask what percent of clients they think will close actually close?  I would also recommend you get a BROKER not a bank.  (Is it against the rules here to say especially not Wells Fargo?)  --(heard such sad stories about them).

I would also want them to run my credit and sit down w/ me and discuss things - ask them what they think about the things you are most worried about.  I would want someone effecient, someone who gets the docs all together before it goes to the UW so there is no last minute running around over stupid stuff that they should have submitted in the first place.

WORD OF MOUTH is the best.  I got my lender on referral from my first real estate agent. (Got him when we showed up on our own to look at the house.... (Who I also dumped, but not by telling him off, but by just saying I'm done.....He really took us for a loop as he was the seller's agent in the short  sale and didn't do crap for us.......His wife told my LO NOT to give us a loan if we didn't use them!!).  I then got a referral from my LO for a new agent, and she was good - She contacted me regularly and it was okay for me to call anytime.  For me, that was the most important thing, COMMUNICATION.  Have you asked friends/family for names?

What is the most important thing to you?

What are you most concerned about in the loan process?  the house hunting process?  Are they in town regularly?  Can they show houses when you need them?  Do your times and personalities match?