Wouldn’t it be great if there was a test that borrowers could make their potential mortgage lender take before deciding if they should get the job? Why would that be a good thing? Because they’ll be the ones whose performance will determine if you actually get to live in that new home you fell in love with. And, they’ll be helping you decide how to spend your money to get there.
“I think those are pretty good reasons to put a loan officer’s knowledge and experience to the test,” said Rick Piette, owner of Las Vegas-based Premier Mortgage Lending. “As in any industry, there are real career professionals who know every aspect of their job — and there are those who just skate by with the minimum and gather a paycheck. Which would you rather have helping you find the very best mortgage loan for you?”
There may not be a written test you can hand a loan officer to find out where their talents lie on that spectrum, but there are questions you can ask to help you choose wisely.
“First, and this might sound a little backwards but trust me here,” Piette said. “When you sit down to talk, how many questions — and what type of questions — does your potential lender ask you? For example, are they going down a paper with a checklist on it just so they can mark off each box, and then quickly tell you which one loan you qualify for? (Hint: sometimes, that might be the only loan program they understand.)
“Or, are they asking you about your plans, your timeline for moving, about your credit rating, how much do you plan to spend on a home, and more? Does your answer to each question open up further discussion and explanation about why each element is important? Are they inquiring about your financial capabilities to explain the different types of loans available to you, and the pros and cons of each? If they’re not, this ought to be your first red flag.”
Communication comes next, because your loan officer should be contacting you to keep you updated on your loan (instead of you having to call them to ask how it’s going). One reason?
Because problems big and small often arise in the course of navigating your loan. It can be a mistake on a credit report, an issue with the seller, or a homeowners’ association requirement.
Whatever it is, a professional mortgage lender stays on top of these things and deals with each issue promptly and thoroughly — all while keeping you informed of the status for each of them.
That leads to the next important skill: Problem-solving. For customers — especially those with complicated or recently distressed financial situations — creative problem-solving skills are among the most critical that an experienced loan officer brings to the table.
Finally, gauging your potential lender’s ability to follow through is no less important than the previous traits mentioned. One way to get a feel for this is to ask them to get back to you with some information after your first meeting. Do they send it right away? If so, that’s a good sign.
If not, you have to wonder if this type of delay will also occur while handling the intricacies of your mortgage loan — which might end up in your closing being delayed, and potentially losing the home you fell in love with. How your loan officer handles the little things is just as important as the big things when it comes to your loan.
“Knowledge, communication, problem-solving skills and follow-through are what really make the difference between an ‘OK’ loan officer and a great loan officer,” Piette said.
“Why those four traits? Well, think about it: If a loan is delayed due to a loan officer’s errors — for example, failure to request and submit proper documentation on time — the buyer may end up having their closing delayed, paying more money for their loan or to close escrow; not have a place to live in the interim; or even lose the deal completely.
“Explained that way, it’s easy to see how their failure to be great at their job can have a major impact on your life. And money matters, too. We’re all are looking for the best deal we can get, especially because a mortgage loan can be expensive if you choose the wrong lender. But the truth is, even the best deal in the world won’t help you if your lender can’t close your loan on time.
“It’s no exaggeration that the experienced and professional loan officers at Premier Mortgage Lending will pass every one of those test questions with flying colors, every single time.
That’s one reason why our customers come back for future loans, and they refer their friends and family to us, too.
“The other reason is because Premier is also able to help them find the best, most cost-effective loan for their needs — and save them thousands of dollars in the process with our true ‘No Fee’ mortgage loan. We’ve made it our mission to be the best at what we do, and offer the best loans and lowest fees possible. When it comes to making sure your lender works for you, we think we’ve covered all the bases.”
To speak to one of the experienced professionals at Premier Mortgage, or to discuss the real “No Fee” mortgage loans available through Premier Mortgage Lending, call 702-485-6600. You can also apply online at premiermortgagelending.com.
Premier Mortgage Lending, NMLS No. 393282, is at 701 N. Green Valley Parkway, Suite 125 in Henderson. The full-service lender is a member of the Las Vegas, Henderson and Boulder City chambers of commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.