ĭon't decide on a lender at this stage! Wait until you have specific loan offers that you can compare before choosing a lender. Most are listed in this loan originator database. You can check to see if a loan officer is authorized in your state.If the loan officer is unable to answer your questions, consider working with a different lender. As you move through this process, always make sure to check that the paperwork you receive matches what the loan officer tells you.If a loan officer makes you uncomfortable, can’t answer your questions, or is too pushy, look for another lender that is a better fit. How to avoid pitfalls Only work with loan officers who make you feel comfortable asking questionsĪ loan officer’s answers should make sense and help you understand your choices. For simplicity, we use the term “lender” or “loan officer” to refer to both lenders and mortgage brokers. Learn more about the difference between a lender and a mortgage broker. You can meet with both types of companies at this stage to get a feel for both options. You can work with either a lender or a mortgage broker to get a mortgage Learn more about what to consider when deciding when to allow a lender to check your credit. Within a 45-day window, you can have multiple lenders check your credit without any additional impact on your score. However, a lender’s credit check can show up in a future credit report and can result in a slight dip in your credit score. An experienced loan officer can also help you check your credit report for errors. Knowing your credit score allows the loan officer to give you accurate pricing information about different loan options. You can decide whether to allow a lender to check your creditĪ loan officer may ask for permission to check your credit. Seek out lenders who are willing to go over the details with you. If your application might be complicated – for example, if you are self-employed – it’s best to find out sooner rather than later. An experienced loan officer can help you spot potential issues and suggest ways to address them. Lenders have very specific guidelines about how they count and document your income, assets, and the source of your down payment funds. What to know You’ll get the most value out of these conversations if you bring documentation with you
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