Almost everyone knows a loan officer or someone that knows a loan officer or sometimes called “mortgage consultant”. A loan officer is either an individual who works for a bank or a mortgage broker. The main difference between banks and mortgage brokers is that when a loan officer works for a bank, ie, (Bank of America, Wells Fargo, CHASE) to name a few, that loan officer can only help their clients acquire a loan through that specific bank which he/she works at, where as a loan officer who works at a brokerage, they can broker out a loan from a pool of many different banks.
Having said all that, how do you go about choosing the right loan officer?? Well, no matter what you do, I highly suggest that you meet with at least 2-3 loan officers, for the following reasons.
1. Finding out who can qualify you for a loan and at what cost and interest rate
2. Finding out what kind of mortgage program you are approved for and timeframes
3. Feeling the right “Vibe” and having outstanding communication & professionalism
4. Who explains the process thoroughly and makes it simple to understand?
After interviewing 2-3 loan officers you will probably have the right idea and gut feeling of who you decide to work with, after all… that person will be the key ingredient in what your payment is for the next 30 years (estimated).