Buying a home is one of the biggest leaps anyone can make into “adulthood”. If you’re in the market to buy a home, you’ll want an experienced loan officer to lead you through the crucial pieces of the home-buying process.
A loan officer is an employee of a bank or independent lender that assists borrowers while they apply for a loan. Most of the time you’ll be using a loan officer for your mortgage, but some loan officers are well versed in other loan opportunities.
When you’re picking out a loan officer, you want to make sure you’re looking for specific qualities. This guide will help you understand why it’s important to choose the right loan officer.
Loan Officer Process
Now that you know what a loan officer is, you’ll want to understand the basics of the job title.
Loan officers operate under a process called underwriting. This is where they determine whether or not the applicant qualifies for whatever loan they’re seeking.
A loan officer will gather financial, personal, and professional documents for evaluation by the underwriting software. This software will return a recommendation based on the gathered information. The loan officer will massage these numbers and provide a financial outline that works for you.
Open Line of Communication
Because there are so many moving parts in the home loan process, a good loan officer needs to have open communication.
If you’re a first-time homebuyer applying for a home or FHA loan, you’re going to have a lot of questions. A loan officer will be able to fill in the blanks with your financial numbers.
Creating open dialogue should provide a sense of trust between both parties and offer a no-pressure relationship. You should want honesty about affordability, expectations, and financial reality. Overextending your reach will result in a messy situation down the road.
Qualified and Experienced Work History
We all start somewhere, but a loan officer should be someone you trust that has years of experience in the field.
First things first, a loan officer needs to be licensed.
Look for the Nationwide Multistate Licensing System (NMLS) number to ensure the legality of your loan officer. A reliable professional should have passed a background check, state and national exams, and various loan officer classes.
Car, business, and mortgage loans require industry-specific knowledge. Take your time interviewing different loan officers. Checking personal references, online reviews, and other helpful resources can help you determine if a loan officer is the right fit for you.
Trust Trinity Oaks
Finding the right loan officer can require an extensive search and plenty of man-hours. When you’re dealing with home financing, you want a group of professionals you can trust.
Trinity Oaks Mortgage sets itself apart from other professional mortgage lenders by creating a simple home buying experience for all customers.
Schedule a meeting today with one of our licensed professionals and begin your home loan journey on the right path.