Taking out a mortgage is a significant decision in your life that shouldn’t be made lightly. To ensure that you are getting everything you need out of the process, you need to ask the right questions to your mortgage agent. The following questions will help you get the information you need from your mortgage company:
How Many Years of Experience Do You Have in This Line of Work?
A mortgage agent should be a professional who knows the industry well. You should be able to tell from the answers to your questions the level of experience your loan officer has. Maintain a healthy skepticism if your loan specialist is new to their job or the mortgage industry in general.
How Long Have You Worked for Your Company?
An experienced mortgage agent will also have been with their company for a time. You should be wary if your loan officer has only been with their company for a short time. You should ask for the loan specialist’s manager’s name and contact information if possible.
What’s the Best Way to Get in Touch With You?
By asking your mortgage agent this question, you will be able to know how receptive they will be to your calls, emails, or texts. Your loan officer should be able to give you several different ways to contact them. Additionally, the person you are speaking with should be able to answer your questions promptly.
Are You Part of Any Industry Groups?
Based on their answer, you can tell whether they are active in their industry or not. Questions like this will help you determine whether your agent is actively trying to improve their knowledge and skills.
Who Will Process My Loan Application?
You should be able to tell a lot about your mortgage agent based on their answer to this question. If they answer with their own name, you will know that they are the one who will be making your loan application. However, if they answer that you will have to deal with someone else, you will know that they are not the one who will be processing your loan.
How Long Is Your Typical Loan Process?
A good mortgage agent will be able to tell you how long their typical loan process takes. You can also ask each loan specialist to provide you with a ballpark figure of how long their process takes. Understanding the process and how it impacts you is very important.
How Will You Contact Me During the Process?
A good loan officer will have several ways they can contact you. Each method should be used in different circumstances. They should also be willing to communicate with you in a manner that is convenient to you.
What Type of Loan Do You Recommend for My Needs?
Your mortgage agent should be able to clearly explain the different loans that are available for your needs. They should also be able to explain each loan’s pros and cons clearly. Additionally, a good one should show that they are knowledgeable about each loan.
Conclusion
The mortgage process is long and tedious. However, it doesn’t have to drain your energy, stress you out, and make you feel like a head of cattle. By asking the right questions, you’ll be able to find a mortgage specialist who knows what they’re doing.
If you need mortgage services in Ottawa, trust Ottawa Mortgage Services. We are committed to guiding you through refinancing, preapproval, debt consolidation, and more. Apply now!
