Here are ten questions to ask a potential loan office to help you through the interview process. Each question is accompanied by an good example answer.

1. Q: How long have you been a loan officer?
A: I have been working as a loan officer for 5 years. (A history as a lender for 3 – 5 years lets you know that they have experience and are well capable.)

2. Q: How long have you been with your current company?
A: I have been working for this company for about 2 years now. (Make sure your loan officer has been working for their current company no less than one year. You want to make sure they are well established at their corporation and that they are familiar with the company policies.

3. Q: How can I reach you?
A: You can contact my office at anytime. If I am not in, my secretary will transfer your call to my cell that is on me 24/7.

4. Q: Can I fill out my mortgage application through phone, fax, e-mail or do I have to come in?
A: You are more than welcome to make an appointment to come in and fill out the application with me at the office. However I know my clients are buys so you can also go through the application process by phone or e-mail.

5. Q: How long does it take to receive a commitment letter after you had obtained my paperwork?
A: Banks require that I nearly complete the application package before they will begin processing a mortgage. So if you send me as much paperwork as possible from the get go, it should take up to 30 – 45 day to obtain a commitment letter from the bank.

6. Q: How many lenders will you send my loan out too?
A: I prefer sending out loans to 3 lenders at the same time. This way you will have different loan approvals to choose from and will be able to choose what one offers you the best rate.

7. Q: How do we lock in a loan rate?
A: I watch the rates and try to see when the best opportunity to lock in a rate will be. I will call you when I think the time is right. The best part is locking in a rate is free to you, so we can lock in on a rate at one bank and if another bank offers you a better rate, we move on to that bank.

8. Q: Knowing the detail of my transactions, how do you recommend we structure the mortgage?
A: I would structure the deal like… I can also give you some more ideas to look at if you prefer. We can compare all of the structures together and you can decide which works best for you.

9. Q: How many loan applications like mine have you closed on over the last year?
A: I have closed 20 loans just last year alone.

10. Q: Will I be in contact with you or your staff during the loan process?
A: You will be in contact mostly with me and my assistant, however you my receive some calls for our underwriter or closing department. I will make sure everybody is familiar with your loan so that anyone of us can help you.

Make sure that your initial interview with the loan officers are about customer service and not about closing costs or rates. Be propared, for a good loan officer will ask you questions in return during the initial interview.