Utah has the BEST 4 seasons, and those in the know realize they are all about to start!Season 1: RhubarbSlightly dramatic, and bright red. This is the season that shows up first in pies, jams,
Pathway to Homeownership: Deciding on a Loan Officer
Dated: March 1 2023
Views: 82
You have decided you are ready to own a home, have your down payment needs worked out, and have learned about the importance of getting preapproved for a loan. Now, it's time to find the best loan officer for you!
Whether buying a property or refinancing, I cannot emphasize just how important it is to work with a great loan officer. You might already have a bank or credit union and think you will just use them when it comes to buying a house. I highly recommend you look into other options before you commit to using your regular bank. Different loans are handled differently and better by certain companies. Buying a car? Credit unions are usually your best bet. Opening a small business? Banks (local and national) are often a better fit and offer your more options. The same is usually not said for mortgages, and often mortgage brokers are a much better route to take. Luckily for you, I only work with the best loan officers in the state. It is important to find a loan officer that will be a good fit for your needs. The following are the top five questions to ask as you decide on which loan officer to use.
- What types of loans do they offer?
Some lenders will not lend on raw land, others will not lend on new construction or offer home equity lines of credit. Ask the loan officers about what types of loans they offer and what they suggest for you. If you are still unsure, get a second bid from a different loan officer and see if they offer something different. Don't be afraid to let the loan officers know you are researching different lenders and what they offer; sometimes, lenders can do direct comparisons and show you the differences between specific lenders and their loan programs.
- Is there a prepayment penalty with the loan?
Many people like to pay a little more each month on their mortgage payment, so their loan gets paid off faster. If this is something you plan on doing, ask the loan officer if their loans have prepayment penalties. A prepayment penalty is an additional fee you have to pay if the loan is paid off earlier than anticipated. Some lenders charge additional fees if you make extra payments; others will have additional fees if you sell your house within a year or two. Make sure you understand any prepayment penalties that might come with your loan.
-What are closing costs, and how much will they be?
Some of the largest expenses in purchasing a house are your closing costs. Closing costs are fees you pay to get the loan. These fees could include costs such as appraisals, title costs, and lender fees. Closing costs can vary drastically between lenders and types of loans, and I have seen their cost between 1.5% - 6% of the home's purchase price. Discuss the estimated closing costs before you settle on a loan and have your loan officer explain what they cover. Some of the best loans I have seen my clients have had some of the highest closing costs, but the benefits they received over the life of the loan more than made up for the high upfront costs. Cheapest does not always mean best, so make sure you discuss that with your loan officer.
-How long will it take to close our loan
In our market, we usually expect to close a house in about 30 days. Some lenders can close much faster, especially if you have already gone through some initial underwritings. At other times the lender may need more time if your loan is more complicated or a busy time of year (the holiday season is known for being a little slower as so many people take extra time off this time of year). Talk about your loan officer's expected timeframe so you can plan accordingly.
-How long have you been in the business?
Ask your loan officer about their experience. For example, how long have they been working with home mortgages? How many transactions did they handle in the past year? How many of their loans were denied after they received a prequalification or preapproval?
To be clear, if I ever refer you to loan officers, I have already asked these questions and have personal experience with these loan officers. I will never recommend a loan officer that has not had a great track record with my clients. And while all of the questions I have mentioned above are important, some of the most important questions need to be asked to yourself. Just like when interviewing agents, these questions all apply to loan officers as well. Do I feel comfortable with this person? Do they have good communication skills and explain things thoroughly? Do they respond to you in a timely manner? Do I trust them? If you feel good about all of these questions, you are on your way to finding the best loan officer for your needs.
If you are looking to buy or refinance, reach out, and I will put you in touch with the best loan officers in Utah. Moving or buying out of state? I can help there too. I have a network of lenders in all states and US territories and will always refer you to the best.
Ashley Wolthuis
Ashley Wolthuis is a graduate of Weber State University and furthered her education at Universitat Jaume I in Castellón, Spain, where she earned her Master’s Degree in Development Studies. Today, A....
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