Throughout the home buying process, you’ll work with several different professionals who are tasked with helping you get the best deal. However, if you are unfamiliar with this industry, you might be asking yourself, “What’s involved in a mortgage loan officer’s job?”
Deborah Kearns with NerdWallet explained it best, “A mortgage broker acts as your personal loan concierge and does all the work for you. The broker applies for loans with different lenders on your behalf, finds the lowest mortgage rates, negotiates terms and makes the approval magic happen.” Before you begin looking at homes, you should understand what to expect from your mortgage loan officer.
Ease the Process
If you’ve bought real estate in the past, you know that the mortgage application process can be quite the task to complete. Now imagine getting through this task without the guidance of a trusted professional. That’s just a small part of the mortgage loan officer’s job.
Think of your mortgage loan officer as the hub for all things financial in relation to your real estate purchase. From preparing documentation to getting everything signed, you can expect your loan officer to keep everything in line with your mortgage so you can close on time. This person will manage all of the paperwork you complete and collect any documentation from the other parties involved. Also, your loan officer will make sure all deadlines are met on time so as not to delay the process.
Present the Best Options
There’s a huge range of loan options for homebuyers. A loan officer works to narrow down these choices and educates clients about the best ones available. Finding the best loan options for mortgage applicants requires different methods for accomplishing this task.
For example, an experienced mortgage loan officer will have developed relationships with lenders. The reason for developing these relationships is that they can leverage it to help get their clients the best rates. Maybe even have some of the fees removed from the closing costs.
Also, a mortgage loan officer will stay up-to-date on the latest practices, procedures, and strategies for securing the best loan. From local market statistics to industry regulations, this is all part of a loan officer’s purview. This data helps him/her present clients with the most beneficial options.
Whether it’s explaining the home buying process or answering questions, your mortgage loan officer should stay in contact with you. The more communicative your mortgage loan officer is, the easier the process will be overall. This means that calls and emails should be answered in a timely manner. A dedicated loan officer will prioritize communication with you over all else.
Ultimately, a mortgage loan officer works for you and you should only expect the best from this person. Your loan officer is your primary resource as you work through the steps of buying real estate. This nuanced process demands the guidance of a trusted, caring, and knowledgeable mortgage loan officer, such as Dorothy Erminger.
For almost 25 years, Texans have relied on Dorothy to help them understand the home buying process and secure the best loan rates. To learn about your mortgage options, contact Dorothy today.