A mortgage is one of the most important investments of a lifetime. It is critical that you work with a high quality, trusted professional throughout your mortgage application process. By working with someone you can trust, your mortgage application will be an informed journey, rather than a confused gamble. There is no surefire way to test the quality of your lender or broker, but there are clues and signs you can look out for. In today’s digital age, outside research can help you determine which professionals are best for you. Be sure to check that they have a valid National Mortgage Licensing System (NMLS) number.
What Qualities Does a Good Mortgage Professional Have?
Detail Oriented and Supportive Service
A good lender will never pressure you into closing the loan, rather they will keep you and your needs paramount and work at a pace that is best for you. The ideal mortgage professional is a good listener and will do their best to craft a loan program that’s best for you. Be sure to ask your professional for advice at every step of the way, even before moving far along the mortgage application process. If they are not receptive to your questions or if you are not satisfied with their answers, you may want to reconsider working with them or at least seek a second opinion on your concerns. Applying for a mortgage is necessarily a very thorough process, so you need to work with a lender that you trust with handling your information and properly guide you through this process. Your mortgage professional should also be committed to educating you about the mortgage application process and keeping you in the know.
Efficiency and Timeliness
A detail-oriented professional may have the tendency to get bogged-down in those details, so you should also seek someone who is efficient. During the pre-approval process, for example, your lender is required by law to send you a good faith estimate, truth in lending disclosures, and mortgage servicing disclosures within a period of 3 business days. If you don’t receive these documents until the end of the third day, you may want to reconsider working with that professional. In general, pay close attention to how frequently your lender contacts you or how promptly they respond to your requests for contact. If there are long gaps between communications or other delays in processing your application, then there will most likely be more issues along the way and you should consider working with a different professional. Questions like “Am I going to close on my mortgage on time?” may be difficult to answer after the first few times talking with your lender, but you can get an idea of how the rest of your application process might go. Keep a well-documented record of your communications with your lender, broker, and other professionals in case anything goes wrong.