Clothes shopping? Super fun! (At least for me!)
Home shopping? Fun!
Shopping for a loan officer? Most people would agree that's not super fun. Including loan officers. 😅
But it's really important. That surprises some of my buyer clients -- particularly younger or first-time buyers. They say to me, "The lender just gives me money, so why do I need to get along with him or her? Why do I need to make sure he or she is a good match?"
Hi, I'm Cari McGee. I've helped hundreds of people buy a home across the Tri-Cities, and I've worked with numerous mortgage officers to get those sales closed for my clients. Here's what I tell my clients about choosing a loan officer.
Why It Matters To Find the Right Mortgage Officer
Here are three reasons why it’s important that you and your mortgage lender are a good fit:
1. You’re trusting this person/company with personal financial information.
2. Like everything else in this world, when someone likes and respects you, they do a better job for you. The saying is, “You catch more flies with honey than with vinegar” for a reason.
3. Some are better than others at closing real estate sales. If the loan officer or their company develops a reputation for delays or, God forbid, the inability to close a deal, you need to find a new lender.
Yes, it's not just the individual, but also the company they're with that matters. Years ago, a colleague of mine went through a stretch where only one of five deals successfully closed. What did all of those deals have in common? The same mortgage company. Different lenders, but same company.
How to Find a Good Local Lender
Some of my buyers come to me with a lender already in mind, or perhaps even already chosen. And that's generally fine.
I say "generally fine," because my one misgiving is when a client says they want to use a national or online mortgage company. I'm a big believer in using local lenders, not national. I've written about this before, but the main reason is that local lenders have more skin in the game and are willing and able to work harder to help you buy the home.
When a client doesn't already have a loan officer in mind, I'm happy to recommend a few. Not just one, a few. Some of my colleagues only have one lender that they keep on speed dial. Most have two or three. I'm in the more-than-one camp, too. I think it’s important to pair the right client with the right lender, and obviously that isn’t going to happen with just one person. There is no one-size-fits-all lender, in my opinion.
The loan officers I recommend have a history of being able to get to the finish line -- of being available if any issues come up, and being able to work through them to keep your purchase on track.
Final Thoughts
When everyone gets along in a real estate transaction, the whole deal goes more smoothly. When I can trust the title company to adequately research title and alert me to any potential issues, I rest easy. When I can trust the escrow company to dot all the i’s and cross the t’s, and be friendly and instructive and quick, then I have fewer worries.
The same goes with the lender. It's temping to think it doesn't matter who your loan officer is, but it really does. Just like any of the pros involved in the transaction, the loan officer can make or break the success of your home purchasing experience.
It's your choice who you work with, but we'll both rest easier when you choose a good loan officer.
-Cari
