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Information on mortgages, home equity loans, and consumer credit to help you use the power of financing to your advantage.
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Mortgages > Purchase
Mortgage Loan Consultant / Mortgage Loan Officer
Finding a Mortgage Loan Consultant is an interview process much like interviewing a possible contractor to build your dream home. Take some time to get to know the person and company that you are selecting. Here’s what to look for in your new mortgage loan consultant:
Inquire how long the company has been in business as well as how long the mortgage loan consultant has been in this line of work.
Does the mortgage loan consultant offer enough information so I know what questions to ask about my new mortgage?
A good mortgage loan consultant should be able to tell you about the type of loan you are inquiring about, as well as the process and documentation that will be needed.
Is the loan officer able to answer all your questions to your satisfaction? Are his/her answers to your questions straightforward, respectful and honest?
Is this someone you are comfortable with? Remember, there are no stupid questions, only ones not asked!
It may also be helpful to know if he were not available who else would be able to help on his behalf. The mortgage loan consultant will ask you many questions about your personal finances as well as he needs to understand your goals.
There are a lot of good mortgage loan Consultants out there today so don’t be discouraged trying to find one. The mortgage loan industry has a wide range of loan products to offer the consumer today. This is great news, but also can seem to complicate the choice of which loan program best meets your needs and goals. The more information you share with your mortgage loan consultant the better he can serve you. If only part of your information is shared it may end in disaster later. Communication is everything!
In my view, the on- line mortgage companies have the widest range of products available today. They have many lenders at their disposal to choose from as well as the ability to be very price competitive. This also puts additional responsibility on mortgage loan consultants to know their products well.
Hopefully, I have given you some thoughts about choosing the right mortgage loan consultant and may you will have a life long relationship with him.
• Apply now for a home loan!
The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).
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• Mortgages > Purchase Articles Archive
• Mortgage Loan Calculator Use this calculator to determine your monthly payment and amortization schedule.
• Mortgage Qualifier Can you buy your dream home? Find out just how much you can afford!.
• Refinance Breakeven Should you refinance your mortgage? Use this calculator to determine when you will breakeven!
• Rent vs. Buy Are you better off buying your home, or should you continue to rent?.
• Amortizing Loan Calculator Enter your desired payment - and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!
• ARM vs. Fixed Rate Mortgage Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.
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