Are you buying a home? Let’s be honest, a mortgage commitment is serious business. It can be overwhelming and confusing, so you want to work with a lending professional that strives to make the process as smooth as possible.
There is so much to consider when buying a house and understanding what a loan officer is and the role that person plays in the home-buying process is crucial.
What is a Loan Officer?
A loan officer is someone who works for a bank, credit union or mortgage company, and helps borrowers with the application process for a mortgage. It’s the job of loan officers to match the borrower with the right mortgage option for their specific needs. They also know the ins and outs about banking industry rules and regulations and are your direct point of contact during the loan application process. This is the person who helps facilitate your credit report pull and collects all the needed documents such as tax returns, pay stubs, bank statements, etc. The loan officer is who tells you whether you qualify for a loan.
A loan officer helps determine closing costs, monthly payment and annual percentage rate on a loan, but it’s important to find the right person for the job. Here are some questions to ask to find the loan officer who fits your needs:
Who have my friends, co-workers and relatives used?
Ask for recommendations. Relying on the experiences of people you trust goes a long way. Find out why they liked their loan officer and what questions they asked.
What is the fee for processing the loan?
Ask this question upfront. You don’t want any surprises, and it might sway you from using one loan officer over another. Also ask what fees are included. Wyndham Capital Mortgage does not charge for things others may*.
Does the loan officer have experience with specific loan products?
What kind of loan are you seeking? Are you interested in getting a loan from the Federal Housing Administration or Veteran Affairs? Are you a self-employed borrower? If you have special circumstances or are seeking a specific type of loan, it’s helpful to find a loan officer with experience in those areas.
How do I Find a Loan Officer?
There are several ways to find a loan officer. Suggestions from family and friends. Search online. You name it. Most state housing finance agencies offer tools to search for a lender in your area. No matter who you find it’s important to find one that meets your needs.
The bottom line is that buying a home requires a large financial commitment, and you want to work with the most qualified people to help you throughout the process. At Wyndham Capital we have loan officers who may fit whatever your needs are, so you can find the professional who is right for you.
* While Wyndham does not charge junk fees, application fees, processing fees, or underwriting fees, these fees maybe charged by a Third Party service provider in connection with your loan.