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Everyone knows that having a great loan officer is important when you are getting ready to buy your new home. Choosing the right loan officer doesn’t have to be a challenge when you follow these simple suggestions.

Ask for referrals

First, you can save yourself quite a bit of time and effort by looking for referrals from people that you know. Just about everyone knows someone who has bought or refinanced their home in the last few years. Ask those folks what they thought of their loan officers and if they could provide you with a referral.

If you don’t know anyone who has used one recently, you can always check other sources. The Internet is a great resource to find out information about loan officer and to find testimonials and referrals from their customers.

Interview them before committing

Once you have a list of officers that you are considering, you will be able to interview them. Ask as many questions as you have, and make sure that they are able to explain all of their answers to your satisfaction. Make sure that they are able to help you find the program that is going to work for you specifically. You will find that they can offer a number of different programs, and it pays to learn about them all so you will be able to make an informed decision.

Be prepared

The loan officer will need to have access to your financial information. When you call for an appointment, ask them what information they are going to need. In most cases, you will at least need to have information about your income and assets. They will also need to know your credit score, but don’t let them pull the score. Wait until you’ve chosen the loan office with whom you want to work. You want to wait so that there aren’t too many hard pulls on your score, which can lower it. If you have a dozen people pulling your score, it might drop enough that your rates are going to be higher!

Only after you have investigated all of your options and are able to choose one that offers the most should you choose. Put in the time and do the research. You will have a better experience for it, and it can help you to save quite a bit of money over the course of your loan.

If you are getting ready to purchase a home, or are trying to refinance your loan, you need to make sure that you are working with the best mortgage lender. That means finding a lender who will get you a great rate, but will also make sure that you understand the process and important paperwork involved with your new loan with the least amount of stress.

With so many changes happening in the industry and the sheer number of lenders available, it can be difficult to know if you are choosing the right one.  Here is our guide to choosing the right mortgage lender.

Tip #1:  Ask lots of questions

The best thing you can do in the beginning is ask questions. Understand what the fees are, and if you feel as though the lender is being dishonest or not answering the questions to your satisfaction, you should probably move on to a new lender.

Tip #2:  Be honest about your situation

You also need to be honest with the lender when it comes to anything that could affect your chances of getting a loan through them. It is much better to be honest with them and see if there is a way that they can help you work around the problem. As you are researching the lender, check to see what other options they have. Many lenders today have several different mortgage options and ways of helping people qualify for the loans they need.

Tip #3:  Check their rates

One of the most important things to consider choosing the right lender is the rates. Check the rates of several different companies so you will be able to find the one that offers the most competitive rates. Those who have trouble with their credit will likely find that the rates they have to pay are going to be higher, but should still be able to find a lender.

Tip #4:  Consider their experience

While experience isn’t the most important thing, it can be very important especially in today’s complex world.  Mortgage companies who have survived and prospered through the last few years should have good experience in the industry and can use that knowledge and expertise to make sure you are getting the best loan.

Tip #5:  Look for testimonials

You can check sites on the web to learn about them, or you can talk to friends and family and see if they have recommendations. If someone you know had a great and easy experience buying their house recently, ask them if they wouldn’t mind sharing the name of the lender. It can help reduce a lot of the work you would normally have to do on your search!