When you’re in the market for a new home or even a condo, you will need a loan officer in Morristown TN to help you to secure a mortgage. Understanding the mortgage lending process ahead allows you to devise a list of questions that you can ask your loan officer at different mortgage lenders when determining if they’re the best fit.
Fees: It’s important to understand their originator’s fee. While you’re paying this in the price of the mortgage, it’s still important to know. This also allows you to compare mortgage companies when in the market for the best loan officer.
Lenders: Ask your mortgage broker how many lenders they work with. This pretty much gives you a better chance at the best possible deal.
Experience: Asking a loan officer how long they’ve been working as a licensed broker is a good question to ask. However, I wouldn’t focus too much on this because just because someone does or doesn’t have experience doesn’t mean they can or cannot secure you a successful mortgage that works for your budget.
Expertise: Look for a loan officer with a mortgage company who has contact in the market you require such as with Veterans Affairs or even the Federal Housing Administration. Self-employed borrowers may face hurdles when verifying their income, so choosing a loan officer with experience working with these borrowers will help streamline the process too.
Hold Loans or Flip Them: It’s important to understand if a mortgage broker holds loans or just flips them after they’re originated. This is because your future payment will be with a third party, something important to know ahead of time.
When you’re in the market for a mortgage lender, preparing questions to ask them during the initial interview process is important.