A mortgage loan officer helps you apply and get approved for a home loan

When you apply for a mortgage, you always deal with a loan officer. This is the person in your mortgage process that is your ally.

They are there to help you understand the process, make the right choices, and maybe even help you improve your financial situation so you can improve your chances of loan approval.

Here’s how a loan officer can help you through the mortgage process from start to finish.

Provide Tips to Improve your Chances of Approval

When you apply for a mortgage, you provide the loan officer with a lot of personal information.

Before they submit your application to underwriting, the loan officer can provide you with tips to improve your file so that you get the best financing available.

Some areas a loan officer can help with includes:

  • Credit score tips – If your credit score isn’t as high as it could be, a loan officer can help you understand what you should fix to increase it
  • Debt-to-income ratio tips – If your DTI is too high, your loan officer can offer suggestions to help you lower it to increase your chances of approval
  • Employment advice – If you’re thinking about changing jobs or you recently changed jobs, your loan officer can tell you what lenders look for

Speaking to a loan officer should always be the first step when looking to buy a house

A Loan Officer Will Help you Understand your Loan Options

Loan officers want what’s best for you when it comes to securing a mortgage.

They will walk you through the many loan options you have and help you understand which home loan program is the best option.

If you don’t understand what a fixed rate mortgage is versus an adjustable mortgage, for example, your loan officer can explain it in layman’s terms.

Before you close on your loan, you should know without a doubt what you’re agreeing to and how it will affect you long-term.

Tells you What Loans you Could Qualify For

Loan officers work in the trenches daily. They know what lenders want and what will work and won’t work for approvals.

An experienced loan officer can look at your qualifying factors and tell you whether you’ll get approved for a loan or not.

Types of loan programs Coole Home loan officers can help you with:

  • Conventional Loan – A loan option if you have a solid credit score. Sellers and realtors prefer this type of loan over any of the government programs that are available.
  • FHA loan – A popular home loan for first time home buyers due to it’s lenient guidelines and low down payment of 3.5%
  • VA home loan – perfect for veterans and active duty military members. Easy to qualify for and no down payment required.
  • Jumbo Loan – A mortgage program used to finance properties that are too expensive for a conventional conforming loan.
  • Bank Statement program– Great for borrowers who don’t want to provide their tax return for income quafifciation.

Loans Officers Help with Financial Issues and Goals

Your loan officer is your go-to person even after you close your loan.

If you’re wondering how to pay your loan off early, whether you should refinance, or you are worried about the risk of foreclosure, your loan officer can help you understand your options.

If you need to know how much you need for a down payment or closing costs, a loan officer will be able to break these costs down for you.

Final Thoughts

Your loan officer is one of the most valuable resources when you’re in the market for a mortgage or even after you close on your mortgage.

They are the resource that helps you understand your options, helps you maximize your chances of approval, and ensures you have everything you need.

The right loan officer will be by your side throughout the process, including through the closing.

They are your go-to person when there are underwriting questions or concerns or when you don’t know who to call for servicing questions.

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