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If you’re preparing to buy a home in Chicago, finding a loan officer might be on your list of things to do. Taking out a mortgage is a major financial decision, and you want to ensure that you work with someone you can trust. Most borrowers begin their search for a loan officer either online or by asking friends and family. Whichever route you take in your search for a loan officer, there are some key qualities Chicago buyers should look for to set themselves up for success:
You’re going to need to trust your loan officer to help you navigate the entire lending process. You want someone who can confidently guide you through all the different steps. You want to work with a professional who is self assured, calm, and who puts you at ease. Sometimes getting a mortgage can be stressful, and being confident in your loan officer can help make managing that stress a lot easier.
Unless you’re extremely familiar with the mortgage process, there will likely be some terms and concepts you’ll need clarified. It’s important that you feel it’s easy to communicate with the loan officer you choose to work with. Someone who seems to rush over details, brush off questions or concerns, or who is constantly throwing out industry jargon with no attempt at explanation is not likely going to make for a pleasant lending experience.
There are many ways to gauge the expertise of a loan officer. You can explore their online presence, read reviews and testimonials, and simply pay attention to the conversations you have with them. If you talk to a potential loan officer, are they fluent on different types of mortgage options? Are they asking you detailed questions to better understand your financial situation and your future needs? If you’re a first-time buyer, are they able to tell you about options for first-time borrowers? Trusting that your loan officer is an expert in the field can ensure that you’re supported in making the right decision.
As I mentioned above, doing a bit of research into loan officers that you’re considering working with is usually a worthwhile investment of your time. And with the internet, it’s usually a fairly quick process. Simply looking your loan officer up on Google should provide you with some reviews from past clients. It’s worth reading these and looking for common themes. If you read several reviews that mention this professional being difficult to contact, for example, that might be a sign to continue researching your other options.
How are you going about your search for a loan officer? Do you feel confident in assessing which mortgage professional is right for you? Focusing in on the qualities above can help homebuyers make a more informed decision. Are there any other qualities you look for? I’d love to hear what you think!