By: James Gallagher
You do not have to go through the home-buying process alone – in fact, you shouldn’t. Aside from having extensive knowledge of the various types of home loans that are available, mortgage loan officers also know the requirements and conditions necessary for applicants to successfully qualify for each type of loan.
While you may question the need for a loan officer, ultimately, they ensure a smooth mortgage transaction. Here’s what you should consider when selecting a loan officer to work with.
Every homebuyer is different than the next, meaning no one transaction is like another. While the amount of time a loan officer has been in the industry is one indicator of experience, you also want someone with a diverse portfolio, who has expertise in your type of loan situation. Whether you’re self-employed, a first-time homebuyer, dealing with a foreclosure buyout, or have poor credit, the right loan officer should be able to assist you, specifically addressing concerns unique to your situation.
Read reviews, if they’re available, and ask questions relevant to your situation prior to committing to a loan officer.
Just as real estate agents need loan officers to sell homes, loan officers need real estate agents to keep homebuyers active within the market. A good loan officer will put time and energy into developing new business opportunities, actively reaching out to not only real estate agents, but property appraisers and attorneys as well.
Ask your loan officer about their network to help you gauge their reputation in the industry and shed light on the other resources they can provide.
Organization & Communication
As the borrower’s main point of contact throughout the entire home mortgage process, loan officers are responsible for communicating with multiple parties and maintaining organization throughout. Your loan officer will analyze and screen your loan request, gather background financial information, submit your loan application for processing, and monitor the progress of the loan from application to closing. Ask your potential loan officer how they manage documentation and their preferred methods of communication – and make sure that those answers work for you.
The bottom line is that if you’re getting a mortgage, you need a loan officer. That said, you should do your research to select the loan officer who will be the best fit for your home-buying experience. The loan officers at the Kelly Team at Envoy Mortgage are true experts in the industry – we carefully evaluate the financial condition of each loan applicant and provide them with a loan that fits their needs. Contact us to learn more about our team and to schedule a free consultation!