You’ve probably seen the ads promising online mortgages in a flash. Sounds good, because who isn’t busy these days? But wait. Would you buy your next car in a flash? Imagine filling out a form on a website, taking the car presented to you without being offered any options, and paying whatever the dealer asked?
Most people probably aren’t in that much of a hurry to purchase a new vehicle, never mind a long-term commitment to pay up to $150,000 or more. I can testify that many homebuyers have had safer, less stressful experiences when teaming up with a mortgage loan professional. Here are six reasons to consider working with a loan officer that lives and works in the same community you do:
1. Your loan officer provides professional expertise at no cost.
When you work with a loan officer to guide you through the loan process, it doesn’t cost you a penny. Whether you consult the person or apply online, there’s no difference in a loan’s rates and terms. A loan officer’s job is simply to make things easier for you.
2. Your loan officer can help clarify credit questions.
Not sure if your credit score is solid enough to qualify for a home loan? If you aren’t eager to tackle this by yourself, it might be easier to discuss it with someone who’s seen it a few hundred times and knows what to do. A loan officer can put you into contact with qualified people who can work through your credit questions.
3. Your loan officer can explain the most suitable loan choices.
A knowledgeable loan officer will first discuss your plans, needs and financial situation with you. Then she or he will fill you in on the loan choices you may qualify for, with pros and cons. For example, if you’re a first-time homebuyer, have low to middle income or want to settle in a rural area, you may be eligible for specialty affordable programs. These are the kinds of advantages you can’t discover in a flash.
4. Your loan officer can help you fine-tune financial details.
An experienced loan officer will know ways to tweak a mortgage for individual financial circumstances. For instance, you might be able to “buy down” the interest rate by paying extra at closing. Or if you have limited cash on hand, you may be able to roll your closing costs into the loan.
5. Your loan officer is on your team.
He or she is your go-to person if you have questions, and your advocate in case issues arise. As a member of your homebuying team, your loan officer can also help make sure you have the information you need, and keep you and your real estate professional up to date on your financing.
6. Finally, your loan officer can reduce your stress and give you more confidence. This is important. If there’s one reason why people who want to buy a home don’t make the attempt (aside from money), it’s because they’re confused about the process and concerned about being taken advantage of. Working face-to-face with a knowledgeable industry professional can put your mind at ease.
Don’t hesitate to order books and music online, if that’s your thing. But when it comes to making what could be your largest purchase ever, consider teaming up with a real person who can listen to your needs walk with you on the homebuying journey.
Brent Eckhardt, NMLSR# 659039
Doctor Loan Mortgage Specialist
SunTrust Mortgage, Inc.
Equal Housing Lender. SunTrust Mortgage, Inc. - NMLS #2915, 901 Semmes Avenue, Richmond, VA 23224, 1‐800‐634‐7928. CA: licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, IL: Illinois Residential Mortgage Licensee, MA: Mortgage Lender license #-ML-2915, NJ: Mortgage Banker License ‐New Jersey Department of Banking and Insurance, NY: Licensed Mortgage Banker - NYS Department of Financial Services, and RI: Rhode Island Licensed Lender. ©2017 SunTrust Banks, Inc. SunTrust and SunTrust Mortgage are federally registered service marks of SunTrust Banks, Inc. REV 12716HJ-R