Choosing Right Loan Officer for Mortgage

By: Steve Kyles

How do most people choose their loan officer? Advertising works. Most people tend to choose them because they become familiar with a name. Familiarity makes people feel safe. Thus, when they advertise a lot, they receive a lot of business. How does this method of choosing a loan officer ensure you are getting the best mortgage rate?

Your mortgage rate is determined by your risk posture and risk level determined by the loan officer, in effect, how he can convince the bank or the lending company how worthy you are really are in repaying the loan. Shouldn't you choose a loan officer based on more than knowing how to spell their name?

When was the last time a loan officer treated you with respect? When was the last time they treated you with respect and produced an excellent mortgage rate for you? These are important questions. They tend to be these giant scary people in our lives because they provide us with a service that we need.

Loan officers tend to forget that they need us as much as we need them. A mortgage is a big deal, and it should be treated like a big deal. A loan officer who understands that for each individual client the mortgage rate is a very big deal has become a rare commodity in this day and age. When looking for one, don't just pull someone from the phone book or go with the latest commercial jingle, find the one that is ready, willing, and able to go to bat for you and your needs. Your mortgage rate is directly determined by who you choose as your loan officer. Why leave such a big deal to chance and a catchy jingle?

Your potential loan officer should be able to understand your specific needs. This requires high quality listening skills to be able to interpret what fits your needs most. When you turn to an officer, you are essentially trusting that loan officer with a huge chunk of your financial future. If he provides you with a good mortgage rate, your financial future has a brighter future. The opposite may very well apply if the mortgage rate is significantly high. Obviously, trust is the most valuable asset when choosing one.

Your loan officer may be promising you that you are receiving the lowest mortgage rate around, but how do you know if he's telling you the truth? That knowledge actually begins by which one you choose. If you can truly trust your loan officer, then you know that he or she is honestly providing you with the lowest mortgage rate available to you and your current financial situation.

You can't go by the mortgage rate that your brother in law has been boasting about. Part of your mortgage rate is based on your credit and your risk level. Maybe your credit rating or the product that you need just doesn't qualify for the lowest mortgage rate you have ever heard of. This may not be because you haven't paid something or made a few late payments. Every time you applied for a loan, a credit inquiry is put on your credit whether you were accepted or not. If you run around on the internet and apply for all the loans possible just to see if you can get them, you could be possibly hurting your credit rating, especially if it was marginal to begin with and you didn't qualify.

When shopping for a loan officer, reputation really is everything. Locate a top one who has successfully secured the lowest mortgage rates time and time again, and one who will truly treat you like an individual rather than a credit rating, and procure you the absolute lowest mortgage rate possible. When you know you can trust this person, you can rest assured knowing that you are receiving the lowest mortgage rate possible.

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