How to find a good loan officer/broker

This is good info. You should always screen professionals you work with. Especially for a purchase as large as house. And especially when they stand to make thousands of dollars on the transaction. Make sure you do your homework and screen them properly. Interview the bamas to make sure you get a good one and one that works well with you.

10 home loan shopping questions

1. How large a home loan can I afford? This question will demonstrate the lender’s flexibility; how hard they’ll work to give you an accurate answer; and whether they’re willing to put you too deep into debt compared to others.
2. Which home loan gives me the lowest monthly payment? This will help identify the home loan that potentially maximizes your buying power. You’ll also learn if the loan officer is willing to volunteer information about the risks inherent in this home loan option.
3. Which home loan gives me the lowest interest rate? A good loan officer will clarify whether you mean the lowest initial rate (a feature of adjustable rate or hybrid type home loans) or for the life of the loan (a feature of fixed rate home loans). They’ll also explain the trade-offs between a loan with a low initial rate which is subject to increase and a fixed rate loan. They should also explain that loans featuring the lowest interest rate often involve higher up-front expenses and may be more difficult to qualify for.
4. Which home loan offers the lowest up-front costs? This is especially important for home buyers stretching to afford a down payment and closing costs. A good follow up question is to ask if the home loan features a prepayment penalty or other “hidden costs.‿ (Extra points for whoever volunteers this information without being asked!)
5. What are the trade-offs of choosing one of these loans over the other? You’ll not only learn more about your home loan options…but you’ll discover how helpful and knowledgeable the loan officer is!
6. What do you need to know about me to find the best home loan for my situation? A good loan officer will start gathering this information at the very beginning. If they’re not interviewing you, look out, their expertise is suspect.
7. Which loan program is best for me — and why? The best loan officer provides options — but leaves the final decision to you. However, they should be able to suggest a home loan best suited to your needs, and explain the reasons for their recommendation.
8. Describe your home loan process — how long each phase takes, and how often I’ll hear from you. You’ll want to learn about the team behind the scenes, and the level of service the lender is willing to provide. Pay the promises no mind. Get it in writing and verify it with past clients.
****9. How do you get paid — and does it vary from one home loan option to another? An honest loan officer will let you know how he or she is compensated. Such information will allow you to decide whether a loan officer’s compensation arrangement might be a factor which influences their home loan recommendations.
10. I like to check references. May I speak with 3 of your recent customers? Save this question for final candidates only. For privacy reasons, no one should provide customer information without getting permission. However, a standout loan officer will be able to provide references, because they’ve created trusting relationships