One of the biggest financial decisions you make is purchasing or refinancing a home. Most of the time, consumers are not aware of the right questions to ask during this process. There are literally thousands of loans, mortgage companies and lenders to choose from. The numbers of available options can make this a very confusing prospect.

Choosing the right person to handle your loan is vitally important. It is an established fact that every business needs to make money to stay in business. If you find a company that puts the client's interests first, they will still make the profits they are seeking.

Some companies offer deep discounts. This is a buyer beware situation. Many times companies that make these kinds of offers are overwhelmed with clients and they cannot give each one the attention they need.

It is also common practice of companies with a huge volume to pass their clients from one person to the next. It is better to find someone who will stick with you, the client, from the beginning to the end of the transaction. By passing the client from one person to the next, there is no one person taking responsibility if something goes wrong. Make sure the company you are working with holds its loan officers personally accountable for the progress of the loan from beginning to end. This is not something you do every day and this experience needs to be a pleasant one.

Ask how long the loan process will take. There is no reason for a company to take months to complete the process. From beginning to end should take no more than two and a half to three weeks.

Remember, you want a loan officer that will act in your best interest and not in his or hers. This person should treat you the same way they would like to be treated in the same situation. It is there responsibility to make the process as easy as possible on you.

The question still remains: How can you tell if your loan officer is reputable?

Ask your questions and gauge the answers carefully.

• Is your loan officer evasive?
• Does the loan officer make you feel foolish for asking questions?
• If you have concerns, does your loan officer address then with patience?

Do not be caught up in a bait and switch routine. Non-reputable loan officers may give you a quote and then when it comes time to sign the papers, there are totally different figures present. Your interest rate has changed; the terms are different than what you were originally quoted. You call your loan officer and they tell you that your credit changed and you now do not quite qualify. You sign the papers anyway, just to be done with the process.

You are now a victim. Do not allow this to happen to you. Sometimes unscrupulous lenders will tell you what you want to hear to get the process started, and then make the switches along the way. They know you will go ahead and sign at closing because you are eager to get into your new home, or if you are selling your home, they know your need for cash may be greater than your desire to repeat the lending process.

If nothing has changed since you first applied for the loan - you made no major purchases, you paid all your bills when they came due, your house was not appraised differently - then you should be getting the same rate you were quoted in the beginning.

Interview more than one lender before you actually agree to allow one to handle your loan. Ask the same questions of each one to be certain you are comparing apples to apples. With all the loan options available, the best loan officer is the one who will take the time to explain your options and recommend the best loan for your circumstances. The folks at Nancy Chandler Associates, REALTORS, Licensed in Norfolk, Virginia, can help you make that decision.