For those of you who don't know, I was a loan officer in a past life and this is where my inspiration for my real estate products started. My parents own a Mortgage Brokerage called Mortgage Explorers and after I graduated college I helped them out for a few years.
Long story short, I know way more about the mortgage industry than I ever needed to know. Here are some of my favorite ways loan officers save the day during the loan process.
1. Loan Officers help you get pre-approved
Getting pre-approved should be your first step in the loan process. This helps you determine the loan amount you can afford and helps set expectations when you are looking at homes. Additionally, most realtors require a pre-approval letter before they take you to look at homes.
2. Loan officers know the rules and requirements for each loan
Loan Officers are formally trained to understand the rules and regulations that come with each loan type. This helps YOU, by having an expert to assist with any questions that come up during the loan process and having someone to advocate for your loan when additional documentation is required.
3. Loan officers explain the fees and numbers associated with your loan
Loan officers help explain the numbers associated with your loan. This is extremely helpful when you are trying to understand the costs associated with getting a loan and items such as homeowners insurance, title work, appraisals, etc. Additionally, they can often give you a referral to a local vendor that will give you the best bang for your buck in these areas.
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