Getting a home can be an exciting and nerve-racking experience. There are a lot of moving parts that make owning a home both very frustrating and also exhilarating. One of the big pieces of the home buying puzzle is the loan officer. A good loan officer can make the whole homebuying process go much smoother. What things can a loan officer do for you?
Be an Educator
A loan officer should be able to answer all the questions you have concerning your loan. Most people don’t deal with home terms and the ins and outs of homebuying on a daily basis. As a homebuyer, you should be able to trust your loan officer. You should be able to get all the information you need from your LO as well as information you aren’t asking but need to know.
Be Transparent about Rates for Loans
As part of being an educator, a loan officer should be forthright with you about all the rates for loans. When it comes to all the different costs associated with a home loan, there are a lot of them. Most people don’t understand why there are so many costs and why they have to pay them. A loan officer should be able to explain in simple terms each line item means.
Review Your Credit Score
Many homebuyers don’t check their credit score very often. It is either because they don’t need it, or because they don’t understand what a good one is, or how it affects their interest rate. A good loan officer should be able to explain how your credit score works, how it affects your loan experience and how you can improve it if necessary.
Being available doesn’t mean you should be able to get a hold of them around the clock. But a loan officer should be able to answer your questions within a reasonable amount of time. You are busy and don’t have time to worry about all the details. A professional loan officer should get back to you as quickly as possible so you can get your questions answered and problems solved quickly.
Connect with Your Realtor
A good loan officer should connect with your real estate agent as soon as possible in the homebuying process. Whether they are a preferred lender or a first-time connection, a loan officer should provide communication with your realtor so they can work together to make the process as smooth as possible.
Monitor Your Rates
A loan officer should always have your best interests in mind. Interest rates go up and down daily, and a loan officer should be checking on the interest rate trends so they can keep you in the loop about all the changes and how they can affect you. If they have any information that can help you, they should be in contact with you often.
Buying a home can be hard, but when you have a good loan officer, they can make the process much smoother.