A Loan Officer is a licensed mortgage professional that makes credit decisions and structures loan options to suit the borrower and offers loan options to fit the borrower’s financial situation and credit worthiness.
A Loan Officer
Reviews the loan application and the income and asset documents and any other relevant documents provided by the borrower.
Based on the outcome of the review, the LO makes a loan decision on the likelihood that the borrower will be approved for a loan and close on a property. Several factors are taken into consideration to make a loan or credit decision for the borrower, such as sufficient credit score and repayment history, length of employment history, current assets such as cash, other financial investments or ownership of other properties. Other factors are considered but these are the main components.
The Loan Officer then structures a loan to suit the borrower and the property he or she intend to buy. Is it a primary residence or investment property? Purchase? Refinance? Cash-out? Many loan programs are available, but in most cases, one or possible two options will work the best. Considerations such as amount available for a down payment, current condition of the property, timeline to close, these are just a few, there are many others, some based on the borrower’s current financial situation and some regarding the property itself.
All these things must be considered by the loan officer, the most important thing the borrower can do is to make sure that when or if things change, tell your Loan Officer! Any new debt? Any change in your personal life like a divorce or marriage, job loss or change? Bought or sold another property? Again, tell your Loan Officer!
Trust what the Loan Officer tells you and build a relationship with them. Any questions? Call your Loan Officer! Have the same question, call your Loan Officer! Concerned about something you’re not sure about? Call your Loan Officer! We’re here to help make the transaction as smooth as possible so you get to the closing table and call us for your next deal!