There are many steps to purchasing a home. One of the most common aspects of buying a home is securing a mortgage loan.
Mortgage loan officers, also known as loan officers, can work with you through every step of the home loan process.
Working with a mortgage loan officer has many benefits.
Here are just 5 reasons to work with a mortgage loan officer when buying your home.
1. A Mortgage Loan Officer Knows The Home Buying Process
Home buyers have a lot of questions. Mortgage loan officers have the answers.
When you work with a mortgage loan officer, you have the benefit of information. A great loan officer will take the time to answer your questions and explain the home buying process.
If you are a first-time home buyer, a loan officer can offer information on working with a real estate professional, any associated costs and fees in the home buying process, and what steps you will have to take from beginning to close.
Working with a mortgage loan officer can guide you in preparing, securing, and filing the documentation that is required for your loan application.
A local loan officer can also make recommendations on real estate agents, appraisers, home inspectors, and any other contract vendors you may need to secure when buying or selling a home.
2. A Mortgage Loan Officer can tell you if you qualify for a loan.
During the loan application and qualification process, your mortgage loan officer will be a wealth of information to you.
A great mortgage loan officer will assess your financial history as well as your current financial status to determine if you will qualify for a mortgage loan.
A mortgage loan officer will carefully inspect your income, your assets and other areas of your personal finances to offer you a better understanding of your financial health.
Whether you qualify for a home loan or not, a mortgage loan officer can help you discover ways to improve your financial situation.
Most great loan officers will be able to provide some tips to help you lower your monthly payments, consolidate your debt, and improve your credit score.
A loan officer can tell you which debts are severely impacting your credit score, and how you may be able to improve them.
When you work with a mortgage loan officer, this dedicated professional will do the heavy lifting involved. From beginning to end, a mortgage loan officer will be the contact person for your real estate agent, the underwriter, the settlement attorney or closing agent, title company, and other professionals involved in the process of securing a mortgage loan.
Working with a mortgage loan officer will free up your time and energy to shop for your next home.
3. A Mortgage Loan Officer will guide you in securing the best loan for you
When you work with a mortgage loan officer, you will have access to an abundance of knowledge on various loan types.
There are many different types of mortgage loans, and working with a loan officer can help you determine the best loan for your specific needs.
Your mortgage loan officer will be able to recommend the type of loan you qualify for based on your income, your debt ratio, and other important requirements.
A mortgage loan officer will guide you in securing the best loan for you.
4. A Mortgage Loan Officer can help prepare you for down payments and other expenses
When you work with a mortgage loan officer, you will receive guidance on the process of making your down payment.
Many home buyers have questions regarding securing a loan with a down payment, how much of a down payment to make, and how to come up with your down payment.
A mortgage loan officer can offer you advice on ways to source money for your down payment Many home buyers secure personal loans and monetary gifts from relatives, borrow money from their 401(k), and other solutions to help come up with a down payment.
Working with a mortgage loan officer can also prepare you for covering expenses associated with moving and buying or selling a home.
5. A Mortgage Loan Officer can get you pre-approved for a purchase
When you work with a mortgage loan officer, they can pre-qualify you for a home loan and issue you a pre-approval for a home purchase.
Working with a loan officer to gain a pre-approval can give you an advantage with a seller or home offer. A pre-approval from a qualified mortgage professional such as a loan officer gives the seller peace of mind that you will be able to secure financing to purchase their home.
A mortgage loan officer will pre-approve you for the type of loan and the loan amount you can afford based on their assessment of your financial situation.
This helps you know how much home you can buy, and it lets the seller know that your purchase offer is legitimate, improving your chances of securing the home you want.
Are you in need of a mortgage loan? Do you have questions? We can help!
Contact us to learn how we can help you finance your dream home.
Our dedicated Mortgage Loan Officers and Professionals are here to help you!
727-934-9348