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5 Questions to Ask Your Loan Officer

If you’re in the market for a new house, you may also need a loan officer to help with underwriting and securing a mortgage. That’s what we’re here for. So, to find the right loan officer for you, be sure to do your research and ask questions that matter.

1. What is your fee?
Although you won’t pay the loan originator’s fee directly, it’s embedded in the price of the mortgage and a good question to ask for transparency.

2. How many lenders do you deal with?
A mortgage broker typically works for a single brokerage company, while a loan officer or loan originator works with several lenders, giving you more options.

3. How long have you been in the mortgage business?
Due to upheaval in the real estate industry over the past several years, it’s not unusual for a mortgage professional to have switched companies, so be sure to ask about personal background.

4. Do you have any special expertise?
For example, if you’re planning to get a Federal Housing Administration or Veteran Affairs loan, look for a loan officer with experience and contacts in that market.

5. Does your company hold loans or flip them after they’re originated?
If you’re working with a mortgage broker at a specific brokerage company, you should understand possible future payments and third party contacts.

To find a loan officer you fully trust, ask about fees and longevity in the business. We are here to provide you with professional services and help along the way!