How to Chose A Mortgage Professional

Among the many daunting aspects of buying a home — especially for the first time — and one of the most confusing is figuring out the mortgage process. How do you choose a mortgage professional? Where do you look for one? And what questions do you ask?

A mortgage professional pairs up borrowers (you) with lenders and products by scouring available loans to find the one that best fits your needs. The nationwide mortgage debacle has largely swept the market clean of the variety of mortgages once available and has left banks and mortgage brokers to sell essentially the same, fewer kinds of products.

The first place to begin searching for a trusted mortgage advisor is to ask family, friends, co-workers and your real estate professional for referrals. Anyone can advertise but when asked, others aren't going to send you to someone they weren't happy with. Also be sure you're working with a licensed mortgage professional who was required to pass National and State testing.

Don't shop for rate alone. Mortgage rates are important but more important is using a professional that will analyze your credit situation and recommend the best product for you and your financial goals. The professional should be familiar with current market trends and guidelines to be sure you don't hit any "bumps" along the way. The professional will know about the overlays for each particular bank's offerings and steer you to the right place.  Remember, the rate only counts if the loan closes. 

Ask the mortgage person when they are available, what are their work hours, when do they take calls. How long does it take them to respond to emails or voice mails. Can you call on the weekend? Can they give you names of happy customers?  Service matters, it is a large part of the transaction.  The mortgage professional has to be able to stay in contact with you, the realtors and the title company so the process flows fluidly.

Remember, this is going to be one of the biggest financial transactions of your life. You want to be sure you are having your questions answered and are comfortable.

If you're the type of person who dreads shopping and waits until the last minute to buy a gift, a good mortgage professional can probably help you and save you money. An experienced mortgage professional will have more options for people who have less well-established, or blemished, credit.