What Type of Loan Officer Do You Want?

CANTON, Mass. - Sept. 14, 2015 - PRLog -- Buying a new home is one of the biggest financial moves that you can make, and finding the right lender is the first step you should take if you are considering a home purchase. But not all loan officers are created equal, and it's important that you find someone who works well with you.

Loan officers (LOs) can work for banks or credit unions, for call centers, or for brokerages. Some have years of experience, some are young and energetic with lots of new ideas, and some are all about the bottom line. Obviously, you want to find an LO who is attentive, who listens to your concerns, who communicates effectively, and who can help you find the mortgage loan that's best for you.

All LOs must meet state training and licensing requirements in order to work in the industry. You should choose a reputable LO based on his or her experience and reputation. Many first-time homebuyers seek a referral to an LO from a satisfied friend or family member. Real estate agents often have LOs they work with frequently who might be able to assist you with financing, so be sure to check around and learn about your options.

Your LO should be able to help you find the best mortgage loan for you. He or she should have a variety of resources and connections to choose from. LOs who work for brokerages have access to different mortgage products from different lenders and can "shop the market" on your behalf. LOs who work for banks may only be able to offer a limited number of mortgage options, but if you have a trusted relationship with a particular bank or credit union, you may want to look into the options that institution can provide.

Before you go loan shopping, think about not only the type of loan you are looking for and your buying power, but the kind of LO who can best bring you the results you want. Ask yourself a few questions. Here are just a few qualities you might look for:

•Experience. How many years has your LO been in the business?

•Integrity. What it your LO's reputation around town? With former clients?

•Communication. Is your LO easy to get in touch with when you have a question or concern?

•Attentiveness. Is your LO focused on you and your specific needs?

•Results. In the end, is your LO offering you viable options for a mortgage loan that will work for you?

Working with an LO that you trust is every bit as important as finding a real estate agent who can help you find the right property. After all, what is a new home without an affordable loan that works for you?

Want to learn more? Visit www.polimortgage.com for more information.