No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hello!
Does anyone have any suggestions for questions I should ask when "interviewing" a loan officer? I've received a couple of referrals and need some help narrowing it down and identifying what I should be looking for.
Thanks!
@Anonymous wrote:Hello!
Does anyone have any suggestions for questions I should ask when "interviewing" a loan officer? I've received a couple of referrals and need some help narrowing it down and identifying what I should be looking for.
Thanks!
Well, I just learned this one recently, make sure yours has patience and does not mind answering ALL of your questions.
I was with one that wanted me to do X,Y, and Z, and it could have been the correct thing to do, but she didnt bother explaining why.
It was more like she has been doing this for umpteenth number of years, so I should just trust everything she says.
This was someone referred by my co-worker. I learned that she may have worked for him, but may not necessarily work for me.
I've gotten referrals both from a co-worker as well as a realtor. I've spoken to one loan officer (co-worker referral) and although she was very patient I felt like I was unprepared. She luckily encouraged me to contact her with any follow up questions I have.
Oh, she also said she doesn't work on the weekends. Should I care about that? Just curious...
plenty of LO's do not work weekends so do not let that get in the way. Look at it this way, weekends are for shopping for the houses and getting stuff together. The week is when all the paperwok is going to get done.
You want one that is patient. Also, let them know what you expect. If you call, you expect a call within amount of time. Same with emails. Also, tell them you want to give them any info they might need from the start. That way you are not chasing stuf down and slowing the process later. Then every paycheck/bank statement you just send them as they come and your file is always "ready".
the loan officer should give lots of info when asked open ended questions....
work weekends? that is a personal preference. some realtors can answer basic finance questions.... but if you find a GREAT DEAL and it is the weekend, it would be nice to run thru the numbers with the LO
however... if you go over the initial gfe with the lo they should be able to show you how to compute piti on your own
What are your Primary tasks?
I literally just met with a loan officer an hour ago, so I have some thoughts fresh in my mind, but they're really related to following your gut feeling:
1) Meet in person if possible (I know in some cases, the contact is strictly over the phone, but if you can meet in person, you can get a better feel for whether the person is trustworthy and on their game.
2) Make sure they're looking out for YOUR best interests. Today the LO talked about what I could be approved for on paper, but he highly encouraged me to know what my OWN comfort is, based on my life situation, and based on unexpected expenses that could come up here and there in the future. It was almost like he was my conscience, and I really appreciated that.
3) If you've had past credit problems, but you've recovered (or are recovering), it's important that the LO doesn't make you feel like you're being judged. I spoke with the LO about my past problems and how I've been rebuilding. He was the first LO I wasn't embarrassed to talk with about this subject. The focus was on the progress I've made and where I want to be in the future.
Good luck!
I knew ahead of time that I was going FHA, so I went to my state's housing website and I looked up FHA approved lenders in my area. I just started emailing lenders to see how they would respond to me and if they gave me good info. Some were short with me .... some didn't respond quickly... I just basically narrowed it down based on the feedback I got and how responsive they were. The funny part is I ended up choosing the preferred lender of the builder we went with before I even started looking at houses. But doing that really helped me pick a good lender and I was really happy with them and everything went relatively smoothly. I would email with my loan officer sometimes 10+ times a day.