Getting loan approvals is not always an easy task. It may end up having multiple detours or even have more people involved that you initially hoped. But still, the thrill of it all, and getting your application approved is downright fantastic.
Loans, especially the big loans like the ones enough to get you enough funding to buy your dream home, can have a lot of players involved. And in most instances, the number-one player should be your loan officer. Chances are that you won’t manage to get through all the realtors, escrow officer, flood certificates, appraisals, title agents, and insurance agents and come out the other side unhinged. Especially if this is your first time. And that’s where a loan officer should come to the rescue.
6 Qualities Your Loan Officer Must Have
Your loan officer is the guy who is going to handle all and any paperwork and provide you with clarity and reassurance throughout the process. And that is why you need to ensure you hire the right person for the job. A good loan officer will be your best counsel throughout the mortgage process.
Your chances of qualifying for online loans and of the appropriate amount are also higher with a good loan officer on your side. So, here is a list of qualities that you need to look out for in a loan officer.
1. Experience
Currently, there are many officers out there with little to no experience at all in the field. But still, the experience is what offers that little extra nudge towards the causes of the whole process. Your loan application process may hit a hard place where the foresight of an experienced loan officer may be just what you need. Little to no experience shouldn’t be a deal-breaker either. But at least you need to be aware of the situation beforehand.
This is a good post that goes into detail about how their experience relates to a loan officer’s salary. It’s a nice insight into the different levels of loan officers out there.
2. Loan choices
Mortgage companies are always looking to offer as many varied loan products as they can, and also try to reach more consumers as possible. The wide array of mortgage loan choices may confuse you altogether. But with a good loan officer on board, who will understand and analyze each option and choose the best loan choice for your preferences, you will be set to go.
3. Communication
A good banker will put communication with the borrowers first above anything else. Prompt replies and frequent communication are the qualities that you need to look for in a loan officer. Look for the banker who gets questions and any concerns that you may have about the loan or borrowing process answered swiftly. Constant communication will help to ensure that the whole process runs smoothly from the onset to the finish.
4. Personality fit
Of course, you will only want to work with someone who you feel more comfortable with; not a loan officer who you will feel like he/she is intimidating you. This should be more of a gut response the moment you meet the potential loan officers. Look for the loan officer who has the time to explain and ensure you understand all the options on the table.
5. Support team
Also, look for a loan officer who has reliable and experienced support staff. A banker relies more on his/her loan processor. But having one who has multiple helping assistants is an added bonus. This will help boost your confidence in the loan officer’s ability to land you the loan and actually manage to do so.
6. Referrals
A good loan officer who is experienced in the field, is a good fit, is responsive, and has a talented team will also most likely have plenty of referrals too. You can ask the loan officers the names of their most recent referrals or even get to their website and check out their client ratings and use that as a base to choose your loan officer.