I'm Afraid To Talk To a Lender. What Should I Do?
You’ve done online research but you’re still confused about mortgages and the homebuying process.
You would like to find an expert to speak with about your situation. But picking up the phone is a bit intimidating. That’s why you do everything possible online.
Will you get sucked into a bad deal by a slick salesman? Will you accidentally commit to the loan? What if you are not ready? Can you just ask questions?
These are common concerns when speaking to a mortgage professional for the first time. This is normal. Here’s how to confidently call a mortgage loan officer.
Why It’s Important To Call
You can learn more about a complex topic like mortgage in a 5-minute conversation than in hours of online research.
While Reddit, Google, and ChatGPT are helpful, they are not as good at troubleshooting and guidance as a professional.
Sometimes there’s no online knowledge about your unique scenario.
A phone call with a professional can give you quick answers and provide you with next steps. A phone conversation is much better than text or email, too.
Who to Call
Your first step is finding a loan officer. Ask friends and family who they have used and if they would recommend them. If that’s not an option, read online reviews. Search for bad reviews first and rule out anyone who could be inexperienced.
Your Realtor is a great resource if you’re already working with one.
Remember that the person is more important than the company. You might find terrible mortgage loan officers at a big company, and great ones at an unknown company.
This is why searching for “best lenders” isn’t very useful. You just get search-engine-optimized articles about the biggest companies. Search for people instead.
Request a call from a knowledgeable loan officer here.
How To Prepare For the Call
Come prepared for the call. This will help you feel more confident as you speak and help the loan officer better answer your questions.
It helps to write out your scenario ahead of time. This will help organize your thoughts even if you don’t read it on the call.
Hi, my name is John Smith and I’m interested in buying a home in the next six months but I had some questions. I have about $20,000 for down payment and closing costs and good credit. I’m also getting a gift of $10,000 from my mother-in-law. My wife and I are salaried employees, although I was self-employed until recently. Another unique part of my scenario is that I have a student loan on an income-based repayment plan and I’m not sure how my new job and income will affect the payment.
Once you write your narrative, include specific questions you’d like answered on the call.
About what home price could I qualify for?
Can I use crypto proceeds for the down payment?
Should I pay off my car to qualify for more house?
Your preparation will help you accomplish your goals for the call and eliminate long text chains afterward.
Decide How Far You Want to Go Before the Call
A common fear is being sucked into a decision prematurely. You don’t want to accidentally commit to a mortgage.
Luckily, buying a house is harder than getting a car. You can't exactly drive your new home off the lot, and that's a good thing.
There’s nothing you can say that can legally commit you to a loan or loan officer. In fact, you could apply and get a pre-approval and use a different lender later.
Still, it’s helpful to set boundaries before the call. Do you want to:
Just get some questions answered?
Apply for a mortgage?
Get a pre-approval letter?
You can take it as slowly as you would like.
If the loan officer tries to get you to take the next step before you’re ready, politely say you need time to think about it and you’ll get back to them.
Other Helpful Guides
Dream Home or More Affordable Payment?
Why Your Agent is Pushing You to Use Their Lender
7 Items to Bring to Your Pre-Approval Meeting
How Early is Too Early to Get Pre-Approved?
When’s the Right Time to Buy a House: Homebuyer Readiness Quiz
Have the Lender Call You At a Specific Time
Sometimes it’s easier to pick up the phone than initiate the call.
Many online platforms allow you to set an appointment via online form. Or you can schedule your call via text or email. That way, you’re both ready to chat.
