A service that a good Realtor can provide is a few names to some good loan officers. It is a good idea to use the loan officer your Realtor suggests. The reason is that they have worked with these other lenders usually for several years. This means that they know the service they will provide to you.
A Realtor has a fiduciary responsibility to their client to provide the service that is in the best interest of their client. If you have hired a good Realtor, then it is more than likely that they will be able to refer a good loan officer for you.
The steps that a Realtor will have you follow, to help find a good loan officer for your needs, will be something like this.
The Realtor you are working with may have their favorite, or in-house loan officers they work with. However either way, they need to give you at least a couple options so that you can find out what is available. Different lenders offer different options. Therefore not all companies fit all.
The main thing that a good loan officer will want to do is help you establish your objectives, using this information match the mortgage package to those objectives. The loan officer will be responsible for making sure that you understand the mortgage programs and the cost that is involved with obtaining this loan.
The loan officer will be able to give you the general idea of what the market rates are for the loan you will be looking into. As the loan is drawn up, you will find out the exact numbers you will be working with.
Your Realtor will know the different steps that will need to be taken to obtain a good loan officer. They will be able to also help you be aware of any issues they can see in the loan process.
The Realtor you are using will also help you to make sure that you receive a good faith estimate for the closing costs. The loan officer you are working with has a responsibility to make sure that you are receiving the best service possible, but your Realtor has an even higher level of responsibility.
Both of these professionals carry a fiduciary responsibility. However, the Realtor has a responsibility through the Board of Realtors. Therefore if you have questions or concerns about the loan officer you choose, your Realtor is a great person to consult.
A good loan officer will be upfront and eager to explain costs, concerns and the process as a whole. With the support and help of your loan officer and Realtor, the steps for purchasing a home should be smooth and easy.
You should be able to be confident in your decisions. Being that the biggest purchase you will likely ever make in your life will be your home, it is a good idea to have a good team of professionals to help you.
Tina Abraham is a well-known Wilmington North Carolina realtor . To learn more about how Tina can help you sell your house or buy the Wilmington NC real estate of your dreams click here or call us at (910) 790-7484.