Determine Whether Your Loan Officer Is Reputable

Today’s Wiki Wednesday Feature: Determine Whether Your Loan Officer is Reputable

Once you actually find a home to buy, the last thing you have time and energy to vet is whether your loan officer is reputable. Just show me the money, honey and let’s get on with it.

It turns out, however, that this is the place and time in the home buying process where you need to be v-e-e-r-r-y careful. In today’s Wiki Wednesday feature article, “Determine Whether Your Loan Officer is Reputable,” mortgage planner William Doom offers three things to look for when scouting around for lenders and in each case, if you’re not getting straight answers, you should walk. They all have a similar theme, which is trust.

1. Look for a Mortgage Planner whose values are focused on helping individuals achieve their financial goals in both the fastest and the safest way possible.

2. A responsible Mortgage Planner will present you with financial information that goes beyond the point of the transaction, and will illustrate the total cost of the loan over time.

3. If your loan officer is advising you on issues other than mortgages, you could be working with someone who is compromising your best interests.

Obviously, not all lenders are created alike and it’s up to you to find someone who you trust and who can give you a great rate with outstanding customer service. And, if they balk at any questions asked, you need to say bye-bye. Lenders in the Zillow Mortgage Marketplace are rated according to the quality of the loan quote, as well as customer service (screenshot below). If you need a loan quote, the Mortgage Marketplace is super transparent for borrowers and if you make a loan request, you don’t even have to provide your name, address, phone or Social Security number! There’s no commitment and no personal information to reveal. The Marketplace is similar to Craigslist in concept where you post information anonymously — no one knows who you are. We think that’s a nice way to shop for loans.

Ed: Wiki Wednesdays is a weekly feature that highlights helpful or interesting articles from the Real Estate Guide.