When you need help with financing to buy a home or refinance your current home, many people can help. But not all of them will have a lot of experience. Experience in mortgage lending is necessary because things can and do arise during the loan approval through closing. Experience can also expedite the process and introduce you to unique mortgage products that you otherwise wouldn’t know were an option. So how do you find an experienced mortgage lender? Here are tips for finding an experienced, qualified mortgage lender.
Types of Home Loan Lenders
Mortgage lenders work for various organizations and companies, such as:
- Mortgage brokerage
- Local or national bank
- Online mortgage company
- Credit union
Individuals working for these different institutions may or may not have experience, and they may go by a variety of titles, including:
- Mortgage broker
- Mortgage advisor
- Loan officer
- Home loan specialist
- Loan originator
- Mortgage consultant
All individuals with one of these titles work with you to obtain financing for a first home, retirement home, or second home. They may also help you refinance an existing home. But their access to products, and their knowledge of the full range of loan options that may be available to you, will differ depending on who employs them. For example, a loan officer at your local bank can only offer you loans that their bank extends to borrowers.
Benefits of Working with a Mortgage Brokerage
A loan specialist at a credit union will also have fewer loan options for the same reason. On the other hand, a mortgage advisor at a mortgage brokerage will have access to far more loan products. The reason? They don’t work for a specific bank or credit union. Instead, they shop from various products to present you with the best options available based on your unique financial needs.
For example, a mortgage broker may be able to secure you a loan with a lower credit score or with a higher debt-to-income ratio. A mortgage broker may be able to secure the VA loan you need, but your bank doesn’t offer it. Your broker may access loans for unconventional properties such as manufactured homes or homes needing to be improved or newly constructed.
Finally, because they shop from various sources for your loan, they can often offer loans with varied interest rates. Shopping from a larger pool of financial institutions can save you money.
Trust, But Verify all Referrals
Referrals are an excellent place to start your search for a helpful mortgage lender. Your real estate agent, financial planner, CPA, family, or friends can be an excellent source for getting a referral. There is nothing wrong with trusting their recommendation.
However, it would help if you did some research on your own to verify that the mortgage lender they referred you to offers a great selection of loans. It is wise to ask how long they have worked in the industry.
Review Mortgage Products Offered
The next step in finding the best mortgage advisor is to confirm they offer the type of loan you need. Many originators specialize in just a few types of loans, such as conventional or FHA loans. While these are popular mortgage loans, they may not suit your needs. Ask a potential mortgage advisor about the different types of loans they offer. Listen for products including:
- VA loans
- USDA loans
- Jumbo loans
- Construction loans
- Renovation loans
- Portfolio loans
Read Online Reviews
Online reviews are an excellent tool for learning what others liked or didn’t like about a loan advisor. You may want to look for reviews that mention
- Excellent, frequent communication
- Ability to structure complicated loans
- Helpful in educating borrowers
- Successful loan closings
- Creative strategies for unusual situations
Get Help Finding a Great Mortgage Loan in Oregon
Strategic Mortgage Solutions is a top-reviewed mortgage brokerage based in Eugene, OR. Serving the entire state of Oregon, our team has years of experience helping borrowers secure the loans they need. Our team is available to help with purchase loans, construction loans, refinance loans, and reverse mortgages. Contact us today for help finding a great loan for your needs: 541-275-1148.