Making the choice to purchase a home is the decision to pave a better future for yourself. It’s a decision that’s equally exhilarating and terrifying. Your home is a long term decision and one of the biggest transactions that you will ever complete. Purchasing a home is much more momentous than purchasing a car, planning a wedding or even selecting a university. Your home is that special place where memories will be made, and loved ones cherished. When it comes to making a purchase that is going to mean so much over the course of your life choosing the right person to work with is key.
Buying a home can feel overwhelming, but it doesn’t have to be. Choosing the right person to take the journey can make a tremendous difference in helping you navigate the process of buying a home. When you purchase a home, you are making a long-term decision. It is only fitting that you choose someone who is going to be a resource for life.
When you begin the process of talking to mortgage bankers, you are not just looking for someone to lend you the funds necessary for purchasing a home. No, you are looking for your MVR: Most Valuable Resource. Your MVR when it comes to buying a home is a mortgage banker who will be your guide throughout the entire mortgage process.
At this point you may be asking why you should be talking to mortgage bankers. Mortgage bankers are loan officers who guide your loan through the entire process. Your mortgage banker knows what is happening with your loan because they handle the entire loan from application to funding on their own. Other types of mortgage lenders, such as mortgage brokers, hand off your loan to the party that will ultimately fund your loan while acting as a liaison. The broker does not have control of the loan because they do not facilitate the process. Mortgage bankers guide the loan through the process and have more control over what happens.
Why put the most important financial decision in the hands of someone who relinquishes control to another party? Control over your mortgage is just one of the many reasons why a mortgage banker is the MVR of the process.
Choosing a mortgage banker means choosing someone who will listen. They will listen to what you have to say and they will hear you. They will truly hear you. Your mortgage banker will learn about you, your family, your needs for a home, and your needs for a mortgage. Each person is different. Their needs are different, their situation is different, and, most importantly, their story is different. The loan officer who is right for you is going to be the one who listens to your story and helps you write the next chapter in the best possible way.
One of key things that your mortgage banker should do is take the time to educate you during the process. As you write the next chapter of your life, your loan officer should be working with you to ensure that you know the ins and outs of what is taking place. Your loan officer should take immense pride in making sure that you know the what, the why and the works of the loan products that I am recommending for you. The only way an accurate recommendation of a loan product can be made is by listening to what you want and assessing your situation. Once that is done, a group of products than are a good fit for you and your needs can be presented in a clear and concise manner. During the loan presentation, you should be informed of what the loan is, why it was selected, and how the loan is going to work. How the loan is going to work with you includes the rates that you will receive, the duration of the loan, the payment process, the estimated out of pocket costs, funding fees and loan requirements.
Your loan officer should lay all of your available options on the table and let you know which one is going to be the best for you and why. They should then give you the freedom to make the decision regarding which option you are going to take based on the information that was presented. Once you choose your loan and the process really kicks off, your loan officer will be a resource for you going forward.
Throughout the mortgage process your mortgage banker should be in contact with you: letting you know where your loan is in the process and checking in to make sure that everything is going smoothly on your end as well. Even though you selected your loan and it is now in process, there is likely still things that you will need to do. Your loan officer is your first point of contact. They should be the champion of your mortgage process; pushing it through and cheering you on to the finish.
Wait, it doesn’t stop here. Just because your loan closes, doesn’t mean your loan officer’s door should. Your Most Valuable Resource, should be a resource for life. Loan officers often have contacts in fields outside of real estate. Usually they will know contractors, landscapers, roofers, plumbers and more. As your Most Valuable Resource, they have a wealth of knowledge regarding the local landscape that goes beyond the financial picture. Your loan officer should be your number one resource for all things home.
Buying a home is one of the most difficult, but rewarding experiences. It gives you a new beginning, a place to grow and develop, and a backdrop for memories for years to come. Having the proper resources to guide you through the process makes the path to your new beginning brighter.