Last Updated on March 5, 2021 by Maggie Sutton
If you are like many heroes, purchasing a home is one of the biggest decisions you will ever make. The loan officer you select becomes an integral part of the process. A good loan officer can provide you value and support not just during the home purchasing or selling process, but afterwards as well. Whether you’ve just begun your search or you’re still wondering how a loan officer is fits into your home transaction, here are a few ways loan officers can add value to this vital decision.
Guidance in Reviewing Your Options
Getting pre-approved for a loan can speed up your home buying process. Sellers like to know that the people putting an offer on their home can afford it before wasting their time, and possibly missing out on other attractive officers. A knowledgeable loan officer can help you set expectations when determining how much you can afford.
Many home buyers might want to start their search by jumping in to open houses. But, a more helpful first step can be finding the perfect loan officer. A loan officer, or mortgage officer, mortgage specialist, or lender, are the people or companies that look at the financial make up of a loan applicant. These people take a look at your finances and the loan amount you’re asking for, and determine how likely you are to be able to pay that amount back.
While online mortgage calculators can provide a ballpark estimation, your loan officer will be able to work with you to create a much more comprehensive projection. They will delve deep by reviewing your actual savings, debts, running your credit reports, and assess any other considerations that could affect your ability to get a home loan. All of these inquiries will ensure the most accurate appraisal of your home buying power.
Your loan officer can also point you toward any special loans you may be eligible for such as FHA or VA loans. Plus, when you work with a Homes for Heroes mortgage specialist, you can save an average of $500 on lender fees if you are a firefighter, EMS, teacher, law enforcement professional, active or retired military, or healthcare worker. Simply register online to speak with a Homes for Heroes mortgage specialist in your community.
Local Market Knowledge
A good lender understands their market, and that can benefit heroes like you by providing insight into what you can reasonably expect to pay for a home in your area. A lender with local knowledge can also help you close on your home within the necessary amount of time. For example, in many markets a 50-day closure is common, but some highly competitive markets may require you to close in 30 days or less. Your lender will be able to help by understanding what’s expected in the market and setting pieces in place to help you close in the appropriate timeframe.
A Better Impression for Agents and Sellers
From the moment you begin working with your loan officer, you’ve already started down the path toward being approved for your loan. The benefits of this can extend beyond the power to make the actual purchase. Being pre-approved shows real estate agents and sellers that you are a serious buyer. This added interest can be especially helpful in a competitive market where your loan approval can help separate you from the competition and allow you to purchase the home you’ve always wanted.
A Smooth Process and Long-Term Trust
When you’re making such a large and important purchase, you need someone you can trust at your side. The home buying process can be complicated, and having a lender to guide you through the process is invaluable in making the best decisions to benefit your budget and your lifestyle.
Your lender will serve as a subject matter expert, guiding you through each transition as well as answering your questions. They will let you know exactly what you need to bring to your closing. They will also walk through all the terms of the loan with you before you close so that you know what all the costs are. This assistance will empower you as a consumer and give you knowledge that will benefit you long-term.
Ongoing Support After the Sale
When you connect with a Homes for Heroes lender, remember that relationship doesn’t have to disappear once you’ve purchased your home. Your lender can provide ongoing support throughout the life of your home. If you need to refinance or move again, your lender will be there for you as well.
As you begin your partnership with your lender, don’t be afraid to ask questions. It’s always good to know what other options you can explore.
Getting Your Questions Answered
If you’re a hero in the market for a new home and you have questions, we can help. At Homes for Heroes, our passion is to help heroes like you achieve the goal of home ownership. Sign up today to learn more about our programs and to see how Homes for Heroes can support you. To date, we’ve helped more than 43,000 heroes buy, sell or refinance a home and we can’t wait to help you too.