Questions to Ask When Choosing a Loan Officer
When you’re getting ready to buy a home, you’ll need to look for a loan officer to assist you in the process. When trying to find the best loan officer in Las Vegas, there is a range of questions that you should ask to ensure that you make the right decision. Since there are a large number of officers that can help you with your query, the questions that you ask during the selection process will help you narrow your options.
Obtain Fee Information
Since you don’t pay the fees for a loan officer immediately, you might find that you’re not interested in knowing this information. While these fees are placed into the price of the mortgage, you still don’t want to pay more than you should. There can be a substantial amount of variation in these fees, which is why you should shop around and obtain several quotes before making a selection. Doing so will allow you to properly compare these quotes and make sure that you don’t pay too much.
Inquire About Experience
The experience that a loan officer has can be the difference between obtaining a good loan and a poor one. Make sure that you get answers for how long the officer has been a licensed broker and how many loans they’ve underwritten in the previous year. You also want to select someone who has experience with the types of loans that you’re working with. If you’re looking at a Federal Housing Administration loan, the officer should have experience with this type of loan.
Ask About Number of Lenders That They Deal With
While mortgage brokers typically work with a single company, it’s common for loan officers to work with multiple lenders, which provides you with more options. While you should always weigh the benefits of each, having more options at your disposal is rarely a bad thing. If your loan officer of choice works with multiple lenders, you may be able to obtain a lower price than you thought possible.