Picking the right mortgage team is an important decision when it comes to buying or refinancing a home. A good mortgage team can provide you with reliable advice, competitive rates, and personalized service—all while helping you find the best loan options for your needs.
What are Mortgage Teams?
A mortgage team is a group of experienced professionals who work together to provide comprehensive services for all your mortgage needs.
They handle everything from prequalification, loan applications, underwriting, and closing—all in one place. The team consists of an originator (the person who brings you into the process), a processor (who completes and submits paperwork), an underwriter (who evaluates creditworthiness and approves loans), and a closer (who completes the transaction).
Champions Mortgage Team is a great example of such a service provider.
Tips for Choosing the Right Mortgage Team
Here are some great ways for finding the right mortgage team.
- Research your options: Research the loan originators, processors, underwriters, and closers in your area, along with other types of mortgage lenders that might be available. Use online resources like Better Business Bureau and review sites to see what others have to say about them.
- Ask questions: It’s important that you ask any potential mortgage teams questions and get a feel for how they work before making any commitments. Questions can include what kind of loans they offer, their interest rates, what fees are associated with their services, and if there’s anything else that could impact your loan process.
- Get referrals: Ask friends or family who recently went through the mortgage process who they used and if they were satisfied with the outcome.
- Check licenses: Make sure your mortgage team is licensed and insured to operate in your state or country. You can check this information by looking up their credentials on the state’s banking department website or calling them directly.
- Look for experience: Check how long each member of the team has been working in the industry, as well as if they have any specialized knowledge that could benefit you.
- Shop around for rates: It’s important to get quotes from several different lenders to make sure you’re getting the best rate for your loan.
- Compare fees: In addition to interest rates, look at other fees associated with the loan, such as closing costs and origination fees.
- Check customer service: Make sure the team is accessible and willing to answer all your questions.
- Read reviews: Read reviews from past customers on review sites like Yelp or Google to get an idea of their level of customer service and satisfaction with the services they provide.
- Ask for referrals from others: If someone you know has had a positive experience with their mortgage team, ask them for referrals so you can get in contact with the team themselves. This way, you can be sure that you’re getting reliable information about their qualifications and experience directly from those who have worked with them before.
Red Flags to Avoid When Searching for Mortgage Teams
You should also avoid the following red flags:
- Unlicensed: Make sure the mortgage team is licensed to operate in your area.
- Pushy sales tactics: If the team is pressuring you to sign a contract or commit to something without properly explaining all of the details, it’s better to move on and look for another lender.
- Hidden fees: Be aware of any hidden fees that could be added to the loan agreement at a later date.
- Poor customer service: Check reviews and make sure they have good customer service before committing to anything with them.
- Limited options: Make sure they offer a variety of loan products and are willing to work with you on finding one that fits your needs best.
- Unprofessionalism: Look for an organized and professional team that will make you feel comfortable throughout the process.
- Lack of experience: It’s best to choose a team with some years of experience in the business so they have an understanding of all the intricacies involved in mortgage lending.
