How do you know if you have a good loan officer?

Does it matter who your loan officer is?

They don’t realize that the mortgage process steps are exactly the same no matter where the lender is located. What is important is that you are working with a lender who is experienced, responsive and well-reviewed. The experience that home buyers will receive will be the same as if the mortgage loan officer is local.

What should I not tell a loan officer?

1) Anything Untruthful

Lying to a mortgage lender can ruin your chances at approval. On top of that, providing misleading info on a loan application is a felony. Welcome to mortgage fraud! You can try to hide certain info, but lenders are required to perform verifications of key financial documents.

How do you know if you have a bad lender?

8 Signs of Predatory Mortgage Lending

  1. Sign 1 – Big Fees. …
  2. Sign 2 – Penalties For Paying Off Early. …
  3. Sign 3 – Inflated Interest Rates From Brokers. …
  4. Sign 4 – Steering And Targeting. …
  5. Sign 5 – Adjustable Interest Rates That “Explode” …
  6. Sign 6 – Promises To Fix Problems With Future Refinances.
IT IS INTERESTING:  Frequent question: What is credit score vs credit?

What should I look for in a loan officer?

Here are some questions to ask before choosing a loan officer.

  • What is your fee? …
  • How many lenders do you deal with? …
  • How long have you been in the mortgage business? …
  • Do you have any special expertise? …
  • Does your company hold loans or flip them after they’re originated?

Is being a mortgage loan officer stressful?

You deal with stress well. Like any job working with the public, the position of a loan officer can sometimes be stressful. If you can deal with that stress in a calm manner, your career as a loan officer is likely to be lucrative.

How many loans does the average loan officer close?

Most loan officers close anywhere from 18 to 25 loans in a year, with some doing as many as 35 to 40. U.S. News ranks loan officers as #15 in its list of Best Business Jobs, with a median salary of $63,040.

How often should I contact my loan officer?

It’s probably not realistic to ask for your loan officer to touch base with you every single day, several times per day while you are trying to close on a house. In general, I think every 2 – 3 days is very reasonable for touching base if you haven’t heard anything specific and you are under contract with a home.

Do loan officers look at your bank account?

What do mortgage lenders look for on bank statements? When you apply for a mortgage, lenders look at your bank statements to verify that you can afford the down payment, closing costs, and future loan payments. You’re much more likely to get approved if your bank statements are clear of anything questionable.

IT IS INTERESTING:  Why dont I qualify for health insurance tax credit?

How do mortgage companies rip you off?

The Lender Charges You Upfront Fees Before Pre-Qualifying or Pre-Approving. … In some cases, lenders accept your application and then charge you fees even if you cannot qualify for the mortgage. This is a way lenders rip off unsuspecting borrowers.

What are two warning signs that you have too much debt?

8 signs of too much debt and actions to take

  • You’re unsure how much debt you have. …
  • You avoid looking at your bills. …
  • You only pay the minimum on credit cards. …
  • Your credit cards are maxed out. …
  • You don’t have savings. …
  • You got turned down for new credit. …
  • You’ve lied about your finances. …
  • Your debt-to-income (DTI) ratio is too high.

Why is my loan officer is not responding?

The loan officer may feel like there is nothing to update you on until the underwriting process is complete so you may not hear back from her or him. … Another possible reason why a lender goes quiet is if there is an issue with your loan, such as a concern raised by underwriting that your loan officer was unaware of.

How do I verify a lender?

First, check out the loan company on the Better Business Bureau (BBB) website. Do a quick online search and look up customer reviews. Finally, check with your state’s attorney general to make sure that the lender is registered with the proper state government agencies.