How to avoid working with a difficult or inexperienced Loan Originator.
So you’ve finally found a house that your whole family loves. Congratulations! You’re officially buying a home. However, the work is far from over. Emotions are running high and hundreds of thousands of dollars will be changing hands soon. The last thing you need is a fickle Loan Originator (LO) who can’t be bothered to pick up the phone or an LO who is ill equipped to answer your questions. Trust us, you will have many questions. So, here are some of our key recommendations to avoid getting caught up with an inexperienced LO.
Before you embark on your own search, contact your realtor as a resource. Many agents will have experience on the lending side of the market. Ask them to point you in the direction of a lender, and more specifically, the names of some LO’s they know and trust to carry their clients to the finishing line of the home buying process. If they come up empty handed, shop around for a lender and always use the Internet to your investigative advantage. If you think you’ve identified a LO within the organization of your lender, do yourself a favor and think harder. LinkedIn is a great resource to peek into your potential LO’s work history and to ultimately gain a more robust understanding of their expertise.
While asking around and LinkedIn investigating, be sure to ask yourself all of the right questions. Do they have experience weeding through the lending standards of self-employed borrowers? What about special Veterans Affairs loans? How about loans that are larger than market average? There are numerous stipulations and specialties that differentiate you from every other borrower out there. Your LO should be fully equipped and accommodate to the uniqueness of your borrowing experience.
At the end of the day, your LO works for you. Acquiring a mortgage and investing in something as sensitive as a home are duties that should be handled by those who exhibit care for your best interest. Setting your expectations from day one, and grounding them in solid knowledge of your LO’s expertise, will greatly boost your chances of swift loan approval and signing.
Acquiring a mortgage is a mentally taxing undertaking for all people with every size of loan. But it doesn’t have to be the nightmare everyone would have you believe. You should be sure to enter into a partnership with a LO who is guaranteed to take charge of your home buying experience and tend to all questions and any uncertainty you may experience. One thing is certain: it is better to begin the loan approval process with your lender and LO having a full understanding of their approach to caring for their borrowers. That’s why it’s important to always conduct due diligence before the first handshake.
