With so much lender advertising focusing solely on rates, you may not be aware of the importance of choosing an experienced, reliable loan professional who can match you with the appropriate loan program. The best loan officers and mortgage brokers may quote today’s rate when asked, but they will quickly add they need to know more about you to determine the best program for your individual situation. So rather than you asking all the questions, you should be prepared for, in fact looking for, a loan officer who asks you questions… about your credit history, employment, income, down payment, and future plans.

With the tremendous variety of mortgage programs developed over the past few years, there was a lot to learn before deciding which loan would suit you best: Fixed rate. 15 year, 20 year, 30 year. Adjustable rate. Adjusts after 6 months, 1 year, 3 years, 5 years, 7 years or 2-step. Interest only. Buy-down. Reverse. Convertible. Low down payment. No down payment. 80% first/20% equity. 100% LTV. Balloon payment. Bi-weekly payments. Conforming. Non-conforming. Conventional. FHA. VA. First-time home buyer. Special government programs. Self-employed. Full documents. Low documents. No documents. Credit-challenges. Bankruptcy. Unique property. Whew! Seems overwhelming, however, the availability of these programs has been curtailed recently making it harder for borrowers to get qualified for a purchase or refinance. Although many programs are still advertised as come-ons, they have been severely restricted and require perfect credit or contain adverse conditions hidden in the fine print. That is why finding a knowledgeable, trustworthy loan professional should be your first consideration before rate.

Rates are time sensitive. The eye-catching ad you see in the newspaper was probably prepared at least five days ago. Rates may change several times a day, and, without a lock-in, a quote doesn’t mean a thing. And don’t you wonder how every lender claims to have the best rate? Retired mortgage banker George Chaney said, “A buyer who rate shops may be getting quoted today’s rate from one company, tomorrow’s rate from another, and a bet on next week’s rates from a third. It’s like comparing apples to oranges to pears, and the clients will never know what they’re getting. In reality, the number one priority for the average home buyer should and must be the quality of the counsel they get, how the products meet their needs, then the rate, then the costs to close.”

According to Brian Sacks, Branch Manager of Integrity Home Funding, in Owen Mills, Maryland, and expert on assisting borrowers nationwide with credit challenges and bankruptcies, “Consumers don’t usually shop for the cheapest attorney or physician when they need help in those areas, but they’ll shop strictly by rate when they need a mortgage. That’s mostly because they don’t understand the loan options available to them. They’re thinking plain vanilla 30-year fixed rate. They don’t realize a mortgage broker will find them the best loan program first, then find them the best rate. Plus there’s the strange one-upsmanship caused by family and friends comparing rates and bragging if they have a rate that’s one-eighth less. It’s natural for everyone to want the lowest rate, but the most important consideration is getting the right loan program with the best rate possible for that particular borrower’s circumstances.”

Tom Ward, CEO/Founder, Majestic Mortgage Corporation, headquartered in Vernon Hills, Illinois, agrees: “It’s almost universal that the first question on first contact with a consumer seeking a mortgage is: ‘What’s your rate?’ It’s no different in Florida than in Washington state. Consumers are conditioned by advertising, and not just by online lenders like Lending Tree, that price is their only concern.”

“If it sounds too good to be true, it is,” says Brian Yampolsky, Owner of Orion Mortgage, in Phoenix, Arizona. “Listen to that voice inside your head that tells you when to be skeptical. It’s there for a reason. Often times, lenders put their best foot forward… They’ll make assumptions on certain factors that can affect the rate, such as the size of the loan, the amount of down payment, if a primary residence will secure the loan, if the credit scores are high enough, etc., etc. If you don’t fall into that box of assumptions, then it’s unlikely you would be able to get that rate.

There’s another consideration that’s as important as rate if you’re purchasing a home: competence. Whether or not you’re able to buy the home you want may well depend on how reliable your loan officer is. Although today there are more homes on the market and more bargains to choose from, once you make your choice, you don’t want to lose that property over a lender’s false promises or sloppy processing error. The best rate in the world is worthless if incompetence means your transaction doesn’t close.

So how do you find a loan professional you can trust? Start with referrals from people you know: family, friends, real estate agents, escrow officers, attorneys, accountants… A referral is unquestionably your best bet at finding a loan officer with a proven history who knows how to close a loan. Or check out the professionals at GoGetLoan.com. Read about their experience, loan programs, and customer testimonials. Then send one or more of them an email or give them a call. And remember finding a trustworthy loan officer is more important in a purchase with contract deadlines than a refinance where a timely closing isn’t so critical.

Good luck with your search for the loan officer and loan program that are right for you. Obtaining a home loan can be stressful, but working with a true professional will lower the anxiety and better ensure a positive result.

©Copyright Sharon Hassler. All rights reserved. Sharon Hassler is president of Go Get Experts, LLC, owner and operator of GoGetLoan.com, GoGetRealEstate.com, GoGetNotary.com and GoGetEscrow.com. A former loan officer and real estate agent in Southern California, she served as Communications Manager for First American Title-Arizona for 11 years. For more about Sharon, visit GoGetLoan.com/get/sharon.

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