A key prerequisite when buying a house in Arizona is finding the best loan officer that will give you the best experience ever! Although it is easy to find a lender online or a referral from realtors and friends, what matters is the loan officer assigned to work with you. The key factor is that the loan officer should be someone who is suitable for the task.
In other words, finding the best AZ home loan officer is more important than finding best AZ mortgage lender. You need a loan officer whose skills match the requirements of the house buyer.
In this post, we feature seven important factors to consider when you are looking for a loan officer
1. Ask for referrals from past home buyers
Our second tip when finding a reliable loan officer is asking for referrals from friends and colleagues. These need to be people who have gone through a house buying process.
While doing so, you will come across homebuyers who have had a bad experience, and others who had a good experience with the loan officers they have worked with. Therefore, find people you can trust and ask them a couple of questions relating to their experience with the loan officers they have worked with in the past. Don’t stop here! The information you have collected thus far isn’t sufficient enough to reach a solid conclusion that loan officer X is better, while loan officer Y is not the best. You’ll need to research some more and find the best one for you!
However, in the case where a loan officer has been negatively referenced by two or more past borrowers, this is a special case and you would better disregard them for your shortlist. The same applies if three or more past mortgage borrowers have recommended a certain loan officer. You may then want to meet them in person and see if it’s someone you want to work with 🙂
2. Assess your requirements
You want to be assured that you will be working with a loan officer who understands your requirements. Therefore, it is important that you predetermine what exactly it is that you want. There are a number of questions to ask yourself when assessing the requirements.
- What is the purpose of the loan that I want to borrow? Since you are buying a house in Arizona, the objective here is to find a loan officer who understands the housing mortgage products.
- What type of mortgage are you looking for? This is the second question that you need to ask yourself. Utah and Arizona housing loans fall into different classifications, with each classification having different product types. For instance, if you are applying for an FHA mortgage, you need to find a loan officer who understands a lot about the FHA mortgage.
3. Find out about the skills of potential loan officers
After step one and two, you are in a position to point to some loan officers how you feel can satisfy your requirements when borrowing to buy a house in Arizona. Meet them, and ask them about their skills and experience in the industry. Do not forget to ask them for referrals. The objective is to match their skills to your requirements.
For instance, you might want to be specific and so you are looking for an FHA loan officer, who has previously worked with a client who was purchasing a luxury house in Arizona. Try as much as possible to find out if they have past experience serving a client who was looking for a similar loan product as you.
Match your Budget with your Perfect Home
4. What is their fee?
Another key consideration when calculating the cost of a mortgage is the loan officer’s consultation fees. It is obvious that the originator fee is exempted from the loan officer’s fee since it is automatically embedded in the price of the mortgage.
However, this is a good question to ask your loan officer, since it reveals a lot, even about their character. If you find that he or she wants to charge you the originator fees, there are questions to ask yourself.
Give them an opportunity to explain to you all the potential fees associated with the AZ home loans.
5. What other special industry expertise does he or she have?
Of course, you want to work with a loan officer who has some value to add, apart from finding you a good lender and cheaper rates. Therefore, if the loan officer can connect you to a reliable real estate agent, the better.
In addition, he or she can be able to tell you the ways you can improve your credit score within a short term period, prior to applying for the loan. Do not be afraid to ask such questions, they can help you in more ways than you expect!
6. Ask them whether they are comfortable working with you
Although the loan officer might not have told you all through the screening session, it is possible that they might have reservations working with you. Therefore, give him or her an opportunity to testify if they are comfortable working with you. In case they have questions, let them ask before you decide to work together.
With the six tips we have covered herein, you stand a better chance of finding a reliable loan officer who matches your requirements. Therefore, you can sign the agreement and choose to work together and start discovering all of the home owning possibilities! 🙌🏼🙌🏼🙌🏼