What To Look For In A Mortgage Professional

If you are thinking about purchasing a new home, congratulations! Now you are going to have to shop for a mortgage professional. The good new is that the recent decline in the real estate market has weeded out some of the less desirable, however, you still need to be diligent in finding someone who will have your best interest in mind.

Your real estate professional is an excellent source for a referral. Real estate agents work with mortgage professionals on a regular basis and will know who is dependable. Your agent should be asking if you have already been pre-approved for a mortgage and if not, they will point you in the right direction.

If you do not have an agent yet, another way to find a trustworthy mortgage professional is through friends and family. Ask people you know that have recently purchased or refinanced for their opinion of the person who handled their mortgage.

No matter how you find potential mortgage professionals, there are a few things you need to consider. First, do you feel comfortable with this person? If you feel uncomfortable or do not really trust someone, your instincts are probably correct. Next, you want someone who seem knowledgeable that will thoroughly explain the process and address any questions or concerns that you may have.

Once you have a knowledgeable professional that you feel comfortable with, there are questions you need to make sure they ask. All loan officers are going to gather information on your income, assets, monthly obligations and credit history. Other things they should be asking are how long you plan on keeping the mortgage or staying in the home, what financial or lifestyle changes you anticipate in the next few years, and what your long-term financial goals are.

There are literally hundreds of programs out there and a true professional will need to get a complete picture of your unique situation in order to find the best possible fit for you.

Adriene Sawyer is a mortgage professional with Real Estate Resource Home Loans in Orland Park, IL. For more information or would like to receive Adriene's free newsletter, please contact her directly at asawyer@rrhomeloans.com

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