Your mortgage banker is going to be a valuable guide on the long and sometimes difficult journey toward home ownership. There may be ups and downs, tears of sorrow and joy, and many lessons learned before the process is through. But with the right mortgage banker, you can hopefully bypass some of the more common beginner mistakes, get organized, and qualify for a great loan.
Here's what you should look for in your next mortgage banker:
Because the loan approval process can be so long and arduous, it’s critical you have someone on your side who is responsive, thoughtful, and devoted to your application. Look for a banker who is available to answer your questions (and your follow-up questions), evaluate realistic costs and other figures, and makes himself or herself accessible.
Ask if your prospective bank has any promotional offers or mortgage programs you qualify for. This might seem a little strange since you don’t really think of discounts in the mortgage world, but banks should try to offer incentives to their customers. After all, you are giving them your business. If there are no benefits being offered, at least make sure you aren’t getting a raw deal with high closing costs.
In the world of mortgage loans, mistakes can derail an application. They can also be costly. If you are working with the right mortgage banker you should be able to avoid some of these expenses and get a better deal. Bottom line—trust your gut. Work with a mortgage banker that you have a good feeling about, that values you as a customer and takes the time to court your business.