What You Need To Know About A Loan Officer??
If you are in the process of refinancing your home loan or purchasing a new home, you may already have an idea of the strengths and weaknesses of your Loan Officer.
Collecting all the documentation needed is just the beginning. He or she needs to be on top of the documents as they come in because there are many times that those items will need to further requests from an underwriter. The underwriter’s job today in 2010 is far different then what it was just a few years ago. The failure of Freddie Mac and Fannie May has made our government to get involved. Our government has placed very strict guidelines as to how loans are granted in the real estate industry today. The way adjustable rate mortgages are written today, have guide lines that are in the best interest of the borrower not the lender.
Loans today are much tougher than they were 18 months ago and lenders are making sure that loan packages are more than complete to avoid any issues down the road. The investors that buy these loans are going through the loan packages with a fine tooth comb and sending loans back to the originator for just about any reason.
This does not have too much of an effect on you, the borrower, but it can hurt the lender for sure. Your Loan Officer can help or hurt you though when it comes time to watching rates and advising when to lock in. Some lenders will advise you to lock in at application date, regardless of rate direction while others will tell you to “float” the rate until the loan is ready to close, again, regardless of rate fluctuations.
A good loan officer will educate himself daily on the economic factors that can move the rates and pick an advantageous time to lock your rate. It may be at application or it may be when the loan is ready to close, but it should always happen when it A good loan officer will educate himself daily on the economic factors that can move the rates and pick an advantageous time to lock your rate. It may be at application or it may be when the loan is ready to close, but it should always happen when it is most beneficial to you, his or her client.
When deciding on a lender to help you with your finances, talk to different Loan Officers and choose the one that has plenty of experience along with your best interests in mind. The rate that you lock in at will cost or save you more money than you think over the life of your loan.
If you are looking for a mortgage loan, visit us and get more information about current interest rates. , Infodiligo prides itself with working with a variety of lenders. All of these lenders have loan officers with a minimum of ten years in the mortgage industry. All of these loan officers are dedicated to getting you the borrower the best plan at the lowest daily interest rate. So visit infodiligo, we will find you that refinancing home loan with the best loan officers in the industry.
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