Did you know, The Wrong Loan Officer can stop from getting a home?
The Bank
- Should not have tellers
Banks and credit unions with tellers only offer their limited portfolio of loan products
Loan officers at banks and credit unions do not have to be licensed
These loan officers have no incentive to complete the loan on time as per contract, possibly putting you, the buyer in potential breach of contract. - The appraiser must be local
Banks and credit unions usually do not have access to the A paper appraisers
Subpar appraisers can cost you thousands of dollars and even getting your new home
Online banks have an even worse time getting an appraiser - Underwriters must be local
- Should also have a sterling reputation with local real estate agents
The right loan officer can save you thousands of dollars
Here’s what you need to know:
- Loan officer must be local
- Loan officer should be full time
- Loan officer should be at least 10 years in the business
- Loan officer must have a great reputation amongst the top real estate agents
over 80% of the homes sold in most markets are sold by agents in the top 20%
That statistic is getting closer to 15% if it hasn’t already
Its very important that those agents endorse your loan officer to the seller
Especially in a multiple offer situation - Loan officer must be available
To answer questions
Communicate with your agent, regularly
and most importantly, to get your PreQaul to your agent as soon as you need it - Must be licensed, if required in the state they practice
- Must have a good relationship with the underwriter and is able to speak with them
- Most of their business is by referral
And, just as importantly, you must feel a high level of Trust with them
You have to be able to tell them you goals, your finances and your circumstances
