If you are searching for the best mortgage loan officer, it’s critical for you to understand initially that you can’t trust every single loan officer that you meet in the market. Thus, you need to find where you can obtain honest deals and how you can stay away from predatory lenders.
In truth, a mortgage loan officer has no legal responsibility to assist you in securing a loan that best suits your needs and requirements. This is for the reason that their chief goal is to market and sell the type of loan that they have, so they may disregard what your financial needs are. In other words, the types of loans that they put on the market depend on what help them generate money the most. Some may even present you with promises that they will not deliver when the transaction is closed like telling you that there are no closing fees or your loan will have a fixed rate throughout the term.
You need to be very diligent when you look for an officer for your mortgage loan, so you’ll be certain that you will not get the services of those who put in the picture some appealing features to get you to the closing table for you to find out what’s the real deal in the end.
It’s critical for you to recognize the ways on how you can protect yourself against a predatory mortgage loan officer roaming around the market. When you apply for a loan, you are not only required to inform them about your current credit score, how much you can pay, or ask about what is the rate of interest for a specific amount of money. Always remember that contacting or making phone calls to apply for loans is one of the main reasons why people lose huge amount of money rather than getting savings on their loans.
The sad truth is, when you contact a mortgage loan officer through phone, they immediately feel that you are trying to obtain the lowest interest rates and you don’t have any idea about the loan procedure. Because they are only providing you a quote rate over the telephone, they can tell you anything without you determining if the rates and fees are actually their prevailing charges.
An indicator that you can trust an officer for a mortgage loan is when you are not promptly given numbers and instead they ask you to grant them with at least three business days from your application for a good faith estimate. When they receive your application they fill out a form where your personal information is collated. After which, your credit report is assessed and evaluated.
When this step is done, you will be provided with some feedback concerning your application and how they can work with you. When a company does not furnish you with a good faith estimate, it’s a sign for you to move on and look for another one. Commit to your memory that a good faith estimate is the most efficient way to start when you are looking for an adept mortgage loan officer.