Whether a borrower is making a home purchase or refinancing their current mortgage, choosing the right mortgage loan originator is critical to their success.
The right lender is a crucial part of the purchase process…but how do you know if the loan originator is an expert and understands your needs and financial situation?
In this article, we’ll go over several ways to identify how borrowers can identify a great home financing partner.
Purchasing a home is one of the most important transactions of our lives, so we need someone who can not only find a low interest rate, but understands the borrower’s financial situation and long-term goals. The terms of the mortgage are going to impact the borrower’s household finances for years to come, so it’s important to find the right fit!
The right loan originator will help determine the mortgage program and term, as well as walk the borrower through that lengthy process. Lenders should have experience in the local market and the type of transaction (primary residence, 2nd home, or investment property), as well.
Understanding the Local Market
It’s important that a borrower’s originator has knowledge of the community. They should be able to offer personalized expertise and information unique to the area buyers are considering.
The lender should also have a good report with the borrower’s real estate agent and other real estate professionals. This will give the buyer access to a resourceful network of inspectors, contractors, financial professionals, in their area.
With record-low mortgage rates and the increased demand for living space, coupled with the entrance of a large group of first-time home buyers, our market is expected to be tight for the foreseeable future.
Utilizing a local loan officer to help you navigate the home market, one who is focused on helping you make the best decisions for your financial situation and long-term goals, is crucial.
Access to a Variety of Mortgage Programs
There are always a number of factors that impact loan qualification – such as self-employment, student loan debt, and credit score, just to name a few.
There truly is no one-size-fits-all mortgage, and you buyers should consider working with a loan originator that has access to multiple loan programs.
With that in mind, it’s critical that borrowers work with a local loan officer with access to a multitude of home loan programs that fit’s their scenario. There are many types of loans out there, and it’s the lender’s responsibility to recommend the right product for the borrower’s needs.
A Trustworthy Lender
The borrower’s relationship with their loan officer shouldn’t end at closing. A reputable lender should be concerned with your overall purchase experience and ask for your feedback after the transaction.
The borrower should continue to rely on their lender as a resource for advice and expertise for all of their future real estate needs.
One way for a borrower to find out about the lender’s reputation is to check online reviews. Both positive and negative ones should be readily available with a simple online search. Check out Zillow or Social Survey to find out more about your chosen lender!
Long Term Perspective
Ultimately, the right originator should be a strong advocate and listener who will act in the borrower’s best interest throughout the process.
The right lender should ask many questions, be cooperative and willing to listen, plus really know the borrower’s financial situation and goals. Their communication must be top notch.
Purchasing a home might seem like a one-time thing, but that’s not the reality of purchasing real estate. The right loan originator will be a partner for the long-term and shouldn’t take a one-time transactional approach. It’s wiser to find a home financing partner for a lifetime.
It would be my pleasure to help any borrower for the long term! Please do reach out to me for more information or to discuss how I might be able to help.