When it comes time to find a loan officer to speak with regarding your mortgage options is it better to find a local Arizona loan officer or work with a national bank and a call center?
The truth is, it all depends on what you prefer.
Without knowing the pros and cons, it would be something that would be easy to mess up — meaning you could use someone who is based in Orlando, Florida as your loan officer to buy a house in Chandler, Arizona and end up having it be a disaster. Or, just as likely — you could blindly use a local Arizona loan officer who turns out to be far less competitive with their interest rates, points and fees than a larger, national lender.
There is at least one simple thing that you can do to avoid either of these situations — ask around.
Start by asking your Realtor. Chances are good that your Real Estate Agent will know some great loan officers: both local and national.
After getting a recommendation from your Real Estate Agent, interview at least three different loan officers. It is not all that uncommon to discover that each loan officer is quite different — and not just as it relates to interest rates and fees. Some loan officers really have no clue and some are stone-cold-experts and know what they are doing. Some are funny, some are boring. Some are easy to work with, some are abrasive. In the end, you want to find someone who you feel will be easy to work with and is knowledgeable about mortgages in general – so the first step is to interview at least a couple so you can compare and contrast. Again, your Real Estate Agent should have at least a couple of names for you.
After shopping for a local mortgage lender, you may also be well served to speak with a national lender with a loan officer who works somewhere out of Arizona. When speaking with any out of state loan officer, the best way to find out if they are going to know about helping someone who is buying a house in your local AZ market is to ask them one question:
How soon can you get the paperwork that is required by my Real Estate Agent? The required document that you will need to put in an offer on a home in Arizona is called an LSR – Loan Status Report. In other states they are sometimes referred to as a pre-approval letter. If the out of state loan officer does not know what you are talking about – that should put an abrupt end to your interview.
A good loan officer will make all the difference in whether you get your mortgage and the mortgage that is best for you. Again, most real estate agents know a few qualify loan officers that deliver good mortgage products and customer service. Make sure you ask for referrals as you begin looking for an Arizona based loan officer.
