Choosing a Good Mortgage Consultant

1. A good loan officer will always want to order a full credit report – Not surprisingly, bad loan officers will make recommendations with no credit report. A good loan officer will order, at a minimum, a tri-merged credit report…it may be more expensive, but that is what is needed to get your loan approved.
2. A loan officer may suggest you lock your rate – Not locking your rate is a bit like gambling.  A good loan officer knows that and will make the option available to you.
3. They’re willing to disagree with you or tell you something you might not like – At the end it’s about truth. You want to know the truth and you will want someone who is not afraid to speak the truth, even if it is uncomfortable….let’s face it, there are a lot of loan officers who will tell you what you want to hear, and in the end, will cause you and your Realtor a lot of work that does not produce a happy closing.
4. A good loan officer may not always be the lowest rate – The truth is, their rate should be fair and competitive with other loan officers.  The loan officer that has the lowest quote is probably not seeing something, which likely means you will pay more later or not get the loan at all.  You’ve heard the saying, if you go with the lowest quote, you will end up with the biggest liar.