You’ve got lots of choices to make when you first begin your trek to purchase and finance your home.
First of all, the most significant choice is which home to purchase. Determined by market conditions in your area, you could be amazed at how many homes to fit your own personal criteria. You may require a 3 bedroom house and you’d like it to maintain a specific area of town, perhaps near great schools or a brief commute to work.
Once you do find some houses to look at, the sellers are going to want to see some sort of documentation that you’ve not spoken into a loan officer but have a preapproval letter in your own hand. Before you get to this point however, you want to make sure you’ve got a sterling loan officer. You can’t select a loan based upon marketing or smart ads, you have to interview your loan first before you get a lot farther.
You want to learn the length of time the loan officer has been in business. That is not really that fair to new loan officers who might be just as capable of getting a loan to an approval but keep in mind that loan officers close loans…that’s exactly what they do. You will only interact with a home loan officer a couple of times on your whole time as home owner. You need to make the right option.
A loan officer who has been in business for many years has been established as experienced, reliable and a fantastic communicator. Loan officers that can not bring in the business will not be loan officers for very long, they will be on to something else. Good loan officers have seen all sorts of approval situations as well as knowing that loan programs are ideal for your personal situation. An experienced loan officer has seen everything.
You would like to learn what your closing costs are going to be. A good loan officer will be able to give you a solid, verbal quote over the phone without hesitation. A good loan officer will have the ability to itemize lender charges at the drop of a hat. A loan officer that does not answer right away and answers a written cost quote will be forwarded a day or 2 afterwards likely isn’t your best option. Most loan officers will know these potential prices from an appraisal charge to title insurance. An experienced loan officer will readily have the ability to recite potential charges.
Last, request referrals from past clients. Your realtor will probably provide you with a couple names of good loan officers, so you need to begin there. Realtors do not get paid any referral fees for doing this but rather refer loan officer names because the loan officers do not drop the ball during the approval process. Nothing is worse in a broker’s eyes to find out only a few days before closing the lender will not have the ability to provide closure documents on the settlement date. Remember, real estate agents do not get paid until the deal is closed.
These are just a few things to ask your loan officer and you will definitely inquire more when you submit your loan application, but before you submit your application, you’ll first have to pick your loan officer.
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