Finding the Right Loan Officer and Realtor
Buying a home is one of the most complex and expensive transactions you can make. It’s important to surround yourself with people who support your vision and plan.
What Is a Mortgage Loan Officer?
A mortgage loan officer is a financial professional who can help determine if you qualify for a home loan. They often work for mortgage companies and banks, providing guidance regarding home loans, including the types of loans available and interest rates.
What Does a Mortgage Loan Officer Do?
- Collects borrower’s financial information, including taxes and debt, for the loan.
- Presents clients with loan options that are the best fit for their needs.
- Maintains detailed and factually correct mortgage transaction documents.
- Coordinates with other real estate professionals, including underwriters, attorneys, and title agents.
- Provides a detailed fee breakdown after your initial application, tracks deadlines, and helps close the loan.
Strategies To Find the Right Loan Officer for You
- Ask for referrals from friends, family, coworkers, and your real estate agent.
- Check with your primary banking institution.
- Research local lenders and mortgage companies you’d like to use. Get in touch with a loan officer that works for that company.
- Have questions ready for them. Look for answers beyond low rates, competitive costs, and great services—such as fewer than 30-day closings, rate locks, or special down payment assistance programs.
- Talk to a title company. Closers at these companies know which lenders and loan officers close their transactions on time and which are easiest to work with.
What Does a Realtor Do?
- Helps find homes in your price range.
- Provides a realistic perspective on each property and interprets listings.
- Works as the point of contact throughout the negotiation.
- Handles escrow paperwork.
- Helps you stage, photograph, and prepare a home for sale.
- Walks you through the closing process.
How To Find the Right Realtor for You
- Get referrals from friends, family, coworkers, and your previous realtor if you’re relocating. Be sure to ask them, “Would you use this realtor again?”
- Evaluate what a “good” realtor means to you. Everyone’s interpretation of “good” can be different, so it’s important to create a list of the qualities you’re looking for. Your priorities may revolve around excellent communication, their sales volume or experience, or their understanding of the market.
- Attend open houses to see if you connect with a realtor. This provides an opportunity to ask questions, discuss a selling strategy, and find out the number of showings they have.
- Seek common objectives between you and your realtor. Finding common goals and establishing a good rapport will simplify the home-buying or selling process for both of you. “What’s most important in this process? What do you need from me and what do I need from you?”