Choosing a Loan Officer
Never forget the Loan Officer you choose works for you and needs to earn your business.
Not all loan officers have the same experience or knowledge of all loan programs. Some loan officers have no knowledge or experience with Down Payment Assistance programs or Renovation Home Loans.
Some loan officers do not know how to correctly calculate income, which will throw off your debt to income ratios and cause your loan to be declined.
It is important that if you are interested in particular loan program you speak to 3 different loan officers that specialize in that program to see if you are receiving the same information.
Never accept NO as an answer. No one should ever be told they do not qualify for a home loan. If you are declined by one loan officer DO NOT GET DISCOURAGED, speak to 3 more to get suggestions about what you can do to become qualified.
Always verify your Loan Officers license to see if it’s valid and active, to see if they have any disciplinary actions against them, and to verify their work history which will tell you how much experience they really have. Do not work with an unlicensed loan officer. All loan officers must have a valid active license to be able to originate home loans, quote rates, and quote fees.
You are making one of the biggest purchases of your life its very important to verify who you are working with. You should work with someone honest, ethical, and has your best interest at heart, not their own.
Sometimes people are referred to friends or family members that may be loan officers that don’t always have your best interest at heart. Trust your gut, get 2nd opinions if you feel uneasy, and never be afraid to change loan officers if the process is not going well. It’s free to change loan officers.