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Jun 21

How to choose a mortgage company or loan officer

Most loan officers I come across try to sell themselves with the same three tired old “value propositions.”

  1. Low Rates
  2. Great Service
  3. # of Years in the business

Look around.  Over and over, that’s what you’re going to see.

Low rates.  Like we’ve talked about before, the lowest rate is a moving target.  So what’s important in terms of rate is that you’re working with a company that has access to the lowest rates.  Don’t make your decision based on who is quoting the lowest rate.

Great service?  Everyone says they have great service.  How can you tell up-front whether or not that’s really true?

How many years they’ve been in the mortgage business.  Why does that matter?  So they can tell you stories about how things used to be?  In today’s market, things are changing so fast that staying on top of the mortgage industry is a full-time job.  Years of experience certainly comes in handy, but it’s not the most important thing.  If you ask me, I’ll tell you how long I’ve been in the business, but you won’t see me using it as a sales pitch.

So what’s the answer?  I recommend going with someone who comes highly recommended by a friend, family member, co-worker or someone else you trust.  Professionals who get most of their business by referral have a totally different mindset than lead generation companies.  For example, I know that every one of my clients is tied to future business.  If I do a great job for you, you’re going to refer your friends.  One relationship leads to the next and so on.  That’s how the checks & balances work in my business.  I’m constantly (and sometimes painfully) aware of how important it is to my own future to take care of each and every family I serve.

Remember, buying a house is the largest single financial transaction you’ll likely go through in your life.  Make sure you deal with someone you trust.  Don’t get sucked in by sales pitches.