When it comes to buying a home, you are going to need a great loan officer to help guide you down the right path. Working with an experienced and dedicated loan officer could be the difference between getting a loan for your dream home or giving up due to frustration.
Since loan officers are closely regulated and must follow specific guidelines, it is crucial the home buyer knows the exact role the loan officer plays in the mortgage process. So, to help you get your loan closed on any home purchase or refinance, here are three things your loan officer wants you to know:
- They don’t get paid until you close a loan with them. Loan officers get paid when a loan is closed. If you can’t get qualified for a loan, most loan officers will work with you to help get you qualified, but they are not obligated to do so. They help you in hopes of you eventually getting qualified and then helping you through the mortgage process. But, there are some buyers who claim they want help from a loan officer and then do none of the work to repair their credit. Your loan officer is there to help you reach your goals, first and foremost!
- If you are not honest, they can’t help you. Embarrassed about your financial history or personal situation? Don’t be: A lot of jobs have been lost or hours cut, but you are not the only one to whom it has happened. Your loan officer has seen all types of credit scores, so yours is nothing to be embarrassed about. Don’t withhold details for fear of being judged! If you put everything out on the table, your loan officer will be able to plan for it and make the best package out of your situation. You should never hide financial details from your loan officer because the truth will eventually come out.
- You can fix your credit, but let them talk to you first. Many loan officers offer to give advice on how you can repair your credit and for many home buyers, it can be the exact assistance they need. The wrong way to repair your credit is to dive in and start paying off old accounts without a game plan. Sometimes, something you may think is obviously the right thing to do can actually lower your credit score. Listen to your loan officer and come up with a sensible strategy you can implement over the coming months.
Hopefully these things make sense to you. If you are upfront, honest and willing to work with your loan officer, the mortgage process should go pretty smoothly. If you have any questions, please contact a member of the Housing Buzz Team.