That is an incredibly loaded question. There are so many things to take into account when making an educated and intelligent decision as far as the right loan officer to work with and right place to get a mortgage loan. I am sick and quite frankly over trying to explain this idea to those I run into who are strictly shopping for the absolute lowest rate. The prevailing thought being that any loan officer will do a decent job and rate is the only factor that is important. Well, I can tell you that there are loan officers who I would personally not trust to provide my dog a mortgage, even if the rate they were quoting was 1% with no points!
All kidding aside though, you should truly consider carefully who you are going to entrust with this potentially traumatic life experience. I would first suggest to you that it is 100% in your right (and best interest) to interview loan officer candidates. This is your party and there are a ton of loan officers out there to choose from; do not be afraid or embarrassed to perform this very important first step. It is each mortgage loan officer's privilege, not a right, to be able to work with you on your purchase or refinance transaction. They are NOT above earning your business and should be interviewed to do just that. If you run into one of the many mortgage loan officers who are just too busy to take the time to have a full conversation with you and explain the process with you, my experience is this is indicative of how you will be treated throughout the whole process. Do not settle for a loan officer who is above being fully accessible at any time and responsive to your calls and emails. Additionally, a common thread among this type of loan officer is, he/she will make you feel as if, after the initial loan application, their job is finished and you will then be working with processing until the very end. Lastly, if you don't feel that your loan officer has your best interests as the most important factor in every decision and conversation with you, you need to consider moving on to bachelor number 2.
I cannot stress enough that you need to be comfortable with the mortgage loan officer you will be working with over the coming weeks. You have a choice when it comes to who you work with and should seriously compare this element when shopping for your mortgage provider in addition to who is offering the best rate on any given day. My next article will spell out what characteristics you need to look for in a loan officer to ensure you have made the best choice possible. One more way to Empower you to Manage your Mortgage.