In addition to finding the best real estate agent for the biggest purchase of your life, you’ll want to spend just as much time finding a good mortgage loan officer. Both will directly impact the outcome of your deal — and the work you put in upfront will pay off when the deal is in progress and when it closes.
There’s no shortage of loan officers and institutions to work with. That’s part of the problem.
There are so many choices that finding the right one means filtering out options that may be perfectly skilled and qualified — just not the best fit for your particular circumstances.
Most lenders you contact will assign a loan officer to you, but that doesn’t mean you’re stuck with them. Do the added work of vetting them thoroughly, and weigh other options if you don’t like what you find.
Assessing Your Needs
The first step in finding a good loan officer is determining what type of mortgage you need. Some loan officers are generalists who can guide you through many types of loans. Others specialize in specific loan types and will have deeper knowledge they can leverage to get you the best terms.
As a borrower, you should assess your credit score and other financial factors before doing preliminary research on what loan type works best for you. That could mean an FHA mortgage with a low down payment, a first-time homebuyer program, or financing for a high-end property that requires a jumbo mortgage.
Even if you’ve already settled on a lender, still interview the loan officer. Ask tough questions now to avoid bottlenecks later — and apply that same approach even when someone you trust has referred you. What makes a great loan officer for one borrower may not be the right fit for another.
You can make the process smoother by ensuring you’re financially prepared from the start. Pull your credit report from Experian, Equifax, and TransUnion — or get a free copy at AnnualCreditReport.com. Look for errors and dispute anything inaccurate. Stay current on your bills and avoid major purchases that could drop your FICO score while your application is in progress.
Also, familiarize yourself with the loan types you’re likely to qualify for so you don’t waste time pursuing financing that won’t work for your situation.
Initial Research
As with any major financial decision, thorough research is the foundation of a good choice. Here’s how to get started:
- Ask people you trust. Start by asking friends and family members whether they’ve worked with a mortgage loan officer they’d recommend. Were they satisfied with the service? Was the officer knowledgeable and responsive?
- Ask your real estate agent. Agents often have strong opinions about which loan officers are reliable and which aren’t — and since their commission depends on the deal closing, they’re motivated to point you toward someone who will get it done.
- Read online reviews. Google and Yelp are reasonable starting points, but take reviews with some skepticism. Negative reviews in particular can be one-sided and may not accurately reflect the loan officer’s capabilities.
Questions to Ask
When you sit down to interview a loan officer, come prepared. Here are the key questions to ask:
- How many years have they been a licensed mortgage loan officer?
- What is their NMLS number? Once you have it, look them up on the Nationwide Mortgage Licensing System to check their record and see if any complaints have been filed.
- How long have they been with their current company, and where did they work before?
- How many loans of the type you’re seeking have they successfully closed?
- What is their current processing time for your loan type?
- Will you be working directly with them throughout the process, or primarily with a loan processor? Do they have a dedicated processor, or does that role rotate? How long have they worked together?
- How experienced are they at evaluating tax returns? This is a common weak spot for loan officers — and if it’s not handled correctly, it can derail an approval.
- Are they comfortable with the technology involved in originating a mortgage? Officers who struggle with loan origination software can get bogged down in administrative tasks, pulling their attention away from the parts of the process that matter most to you.
Taking the time to ask the right questions upfront can save you significant stress — and money — down the road. When you’re ready to move forward with your mortgage or refinance, start your application with Refi.com. Our team is experienced, transparent, and focused on getting you to the closing table.
