Child playing in water

Buying a home is a big deal, an often times people will buy or refinance several times in their life.  There are a lot of ways to get a mortgage these days as well.  This presents the question for many borrowers,

“how do I know I have the right lender?

The answer is different for many people, but there are a few key points that everyone wants (and should pay attention to.

Do I like them?

Your relationship with a lender is not a single experience, it will likely be a long terms life time relationship you revisit every so often.  So make sure you and your lender get along on a somewhat personal level, someone you can feel comfortable with.  These are your finances after all.

 

Do you feel like they have your best interest in mind?

This is a big decision in your life and it helps to have someone understand that, I have seen a lot of first time homebuyers say the same thing:  “This is my first time doing this and I don’t know where to start”.

Trust is a big factor in this. and you may not know the best questions to ask.  So I wrote  some unusual questions that potential buyers don’t always know to ask their lender, but can determine quickly if you’re getting an experienced loan officer with low rates.

Some questions you might ask when finding a loan officer to work with

  1. How long have you been working in the industry?
  2. How long have you been at this company?
  3. What is your company’s margin with the rates you offer? (Lower margin means lower rates.
  4. What credit score makes FHA a better option that conventional?
  5. How much are your appraisals?
  6. That rate you quoted, does it include points?
  7. What is your underwriting fee?
  8. Do you charge a processing fee?
  9. Can you give lender credits if the seller is unable to pay closing costs?
  10. Do you have any reviews?

As a first time homebuyer if you can ask a few of these questions while interviewing lenders, you will quickly determine who has the lowest rates and cost, a good loan officer should be able to answer these questions confidently and directly.

Reviews , Reviews , Reviews

If you are not reading online reviews of the products you buy, it could be a disaster.  In the vast online world of shopping from your computer, it can be difficult to know what you’re getting.  A great way to determine how your experience will be is to read about others experiences.  Most lenders will have reviews, I always recommend reading through them.

When looking at reviews think about 3 things:

  1. How many reviews?
  2. How many 4-5 star reviews are there?
  3. What are people saying about the professional?
  4. Do I know any of the reviewers?

Learn about the important of online reviews in 1 minute:

The Take Away:

With so many options available from online lenders to established banks, the thing you should take away from this article is make sure you feel comfortable with the person you chose.  Make sure you ask a few unexpected questions to find the best deal, and you will likely have a good experience and get the best deal.   By the time you close on your mortgage you want to feel like this kid:

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Not this kid:

Screen Shot 2020-02-01 at 5.49.44 PM

 

 

and of course….reach out tome at Justin Scott – Executive Mortgage 

 

 

What Can I Do Now?

You can Sign up for mortgage rates here

Read the About me section and learn more about how I conduct business


reviews are a great way to see who you are dealing with

if all that checks out you can apply here

Justin Scott

NMLS 8758581

Executive Mortgage