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When it comes time to buy a house, chances are you will need to take out a loan to make the large purchase. A loan for a property is called a mortgage and there are a few important people you will get to know as you go from dreaming to closing on your new home.
You probably expect to work with a realtor and maybe even a bank, but another key individual in your home-buying process is your loan officer. A loan officer is your go-to person for all things related to your mortgage. They are your lender’s representative who will gather documents, ask you questions about the property, and get your application over to underwriting and processing. There are licensing requirements for loan officers, so don’t hesitate to ask to see their credentials. They can also be a valuable resource for questions, especially if this is your first time buying a home.
Getting a pre-approval letter from your loan officer can be a helpful tool when starting your home search. They can help you understand how much you can expect to borrow from your lender, which can narrow your search. Having a pre-approval letter is also appealing to sellers, as they know that accepting your offer to purchase their home will most likely result in a sale.
Once the loan officer screens your application and decide that you are a good candidate for a loan, they will send all of your paperwork over to the underwriters. These people, or computer algorithms, will evaluate the risk for the lender in loaning money for the purchase and decide to either approve or deny your application. As this process becomes more and more automated, the in-person interaction with your loan officer becomes more valuable. |
