Choosing A Loan Advisor

It's a good idea to "shop" a bit before selecting a loan advisor. Start by asking friends, co-workers and family members who they recommend.

Many loan advisors have Web sites that provide information about their experience. It's also a good idea to ask these important questions:

• "How long have you been in the mortgage business?" An experienced loan advisor can be especially valuable to first-time buyers.
• "How many new buyers do you work with?" Ideally, you want a loan advisor who understands first-time buyers' concerns and enjoys helping them buy homes.
• "How quickly do you respond to questions?" A loan advisor should return calls and e-mails within 24 hours.
• "Do you offer FHA loans?" FHA loans are guaranteed by the government and are ideal for many new buyers, so it's important that your loan advisor can offer them if appropriate.
• "How much of your activity comes from repeat clients or referrals?" A loan advisor who provides good counsel and service will have a high volume of repeat and referral business.