Choosing a Mortgage Professional
At PRMI, we have a rigorous screening process to ensure that you get only the most qualified mortgage originators. At any of our branches nationwide, you'll find experienced, knowledgeable, and customer-focused professionals. But don't just take our word for it—go ahead and ask them a few questions to get to know them better.
Following are questions to help you find the right mortgage professional:
1. Do you specialize in any particular types of mortgage products?
2. What sort of background/experience do you have to be doing this line of work? Do you have any certifications?
3. What discount points and origination fees do you charge? What are all of the costs associated with the loan?
4. What is the Yield Spread Premium (a commission paid by the lender to the loan officer, not indicated until you receive the closing settlement statement)?
5. Do you guarantee your Good Faith Estimate (GFE)? How can I be assured that there won't be any surprises when I go to close on my home?
6. Can I lock my loan rate with you?
7. Are there pre-payment penalties associated with the loan?
8. What hours will I be able to reach you? Do you have any upcoming dates when you'll be out of town and unavailable? (You don't want your Loan Officer on vacation when it's time to do your loan.)
9. How often will you update me about the status of my loan?
10. How long does it take to fund the loan (average is between 21 and 45 days)?
11. Why should I choose you instead of another lender? |