The million dollar question when shopping for a mortgage loan is “how to get the best mortgage rate in texas” without sacrificing service or working with a Loan Officer that works in Idaho that is a headache to work with, doesn’t care about the details, and won’t communicate with you! In this article I’m going to give you some tips on how to speak with your loan officer, earn a mutual respect, and develop a relationship that is beneficial for all.
So lets review some basic items upfront we know to be true:
- Loan Officers work to get paid (as any job)
- The good ones will communicate efficiently
- They will take your calls 7 days a week
- You will close on time by picking the right 1
- You will have little to no stress working with the right team
These are just a few but, I could write a book about this stuff! So with this being the obvious, as a consumer we have to acknowledge the items on our “must have” list that you’re not going to compromise. For most clients all these items are fair and expected. So when speaking with your lender what questions do you ask and how should we approach this without being rude or threatening.
Here are the nuts and bolts of getting the best mortgage rate:
1. Loan Officers like to be told how smart they are (as do all sales people) – remember a little praise in acknowledging their skill set goes along way – just like any person from your kids, family, to other co-workers. Here is how to start the conversation: “Cynthia – you have a ton of knowledge and thank you for explaining the loan details to me” This takes down any guard and helps both parties smiling as we move along into the RATE QUESTIONS.
2. Commit to doing business – don’t threaten. Nobody likes to be threatened with “I’m shopping”: “Cynthia – I don’t want to shop, I want to work with an expert like yourself and I’m committed to doing business with you, I’m expecting the best possible rate based on your: reviews, referral, my neighbor, my co-worker..etc..” Setting this expectation upfront helps remind your loan officer of why you’re working with them and any connection you have to the referring person. The last thing any loan officer wants to do is let the referring person down.
3. Understand what the best rate means. All to often the lowest rate comes with a dumbed down loan officer that offers no unique aspect on how to save money, any in-depth conversations about programs and the process. Remind yourself, I want to work with a professional and have them take care of my family through this loan process. Ultimately you don’t refer companies that are cheap do you? No Way! You refer great customer service and experience of what happened, someone you connected with that was honest and gave great customer service. Ultimately the best rate is a never ending battle of shopping and shopping – there is always someone lower and lower. Go with your gut and don’t cheap out. You want someone that is competent, effective, communicates, and that offers a fair price. Its a win-win for everyone!
That relationship can develop into a life time of savings for yourself and connecting relationships you have that need help. Like any service we want the lowest and best of everything giving praise to your Loan Officer and asking the right questions upfront will help identify the best combination of rate and fees. Check out our other articles on picking the best lender for more information: https://www.txpremiermortgage.com/best-texas-mortgage-lender-in-2019/
For more information about our loans, their benefits and loan options and how it may apply to you, please contact us direct at 281-627-4222 or submit the quick quote form on this page. https://www.txpremiermortgage.com
Written By: Steve Head, Mortgage Expert, Top Producing Loan Officer, Texas Premier Mortgage