Rates are flat today. Today’s comparison mortgage rates with no lender fees are 4.125% on a 30 year, 3.375 % on a 15 year and 2.75% on a 5/1 ARM. (click here for details).

Real estate agents know there is more to the mortgage process than just rates and costs; you need to find an experienced mortgage loan officer that will get your deal closed. In today’s episode, I share five questions that you should ask every loan officer before you lock.

Check it all out in today’s episode:


(Watch it on your mobile phone or email reader here)

Before you even consider a potential loan officer, make sure they have a valid license with no past issues. You can easily find this information on any loan officer at the NMLS web site.

If the loan officer is certified, here are five questions you should ask them to make sure they can provide you with the best deal on your mortgage:

1) How long have you been in the mortgage business? Be wary of newbies. Anybody with less than three years of experience could cause you extra anxiety and possibly a declined loan.

2) Why is this loan the best one for me? This question is a great way to gauge how knowledgeable the loan officer is on all types of loans. If they are not able to provide you with a detailed answer, it could mean that they are not considering the best possible loan option for you.

3) Should I pay closing costs or take a higher rate with less costs? If you have an idea of how long you plan on being in your new mortgage, your loan officer should be able to run a break even analysis to find out if you should take a low interest rate and pay closing costs or a higher interest rate with little or no closing cost.

4) What hours are you available? You should want someone who will work as many hours as it takes to get your loan done, not someone who is content with only working nine to five. The more time your loan officer is available, the quicker you will be able to sign.

5) How much money are you making on my loan? Don’t be ashamed to ask this. Their payment should be as transparent as the mortgage rates they are providing you.

If you thought this was helpful, I would love to have you help bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.

Let’s change the way people shop for a mortgageā€¦forever!

– Mike

PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002

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