Whether you need a mortgage loan to buy or refinance a home in Seattle, Washington, it helps to have advice from a knowledgeable loan officer. Professional guidance is the first step to choosing the right type of mortgage product for your situation. Our Seattle-area loan officers can help you in several ways.
What Is a Loan Officer, Exactly?
There are many different types of mortgage professionals, and loan officers are one of the most prominent. But what are they, exactly, and what do they do?
A loan officer is someone who works for a bank, mortgage company, or other lending institution and guides borrowers through the mortgage process. You can think of the loan officer as your “point person” for all matters relating to your mortgage application, underwriting and processing.
Our Seattle loan officers go above and beyond the basic job description for their profession, working tirelessly to educate borrowers about their financing options.
Here are three of the ways our Seattle-area loan officers can help you when buying a home in 2018.
1. Educating you about your mortgage options.
You have a lot of choices to make when using a mortgage loan to buy a house in Seattle. There are pros and cons associated with all of them. A knowledgeable loan officer can help you understand these choices, in order to make a well-informed decision about your financing.
What’s the best type of mortgage loan for you, one with a fixed or adjustable rate? Are you better off using a conventional home loan program, or one of the government-backed programs like FHA? And what about paying points at closing – does it make sense in your situation?
These are just a few of the areas where our Seattle-area loan officers can assist you. They can explain the advantages (and potential disadvantages) of every financing option available, to help you choose the best one for your situation.
2. Estimating your closing costs and monthly payments.
How much of a house can you afford to buy in Seattle, based on your monthly budget? This is obviously something you want to know up front, before you start shopping for a house. And it’s another area where our Seattle loan officers can assist you.
We can give you a mortgage rate quote tailored to your particular situation and the type of home loan you want to use. We can also give you an estimated breakdown of your closing costs, as well as your monthly mortgage payments. This kind of information is vital as you prepare to move forward with the home buying process.
3. Pre-approving you for a home loan.
Getting pre-approved for a mortgage loan is always a good idea. But it’s especially important in a competitive and fast-moving real estate market like Seattle, Washington. Our loan officers can review your current financial situation (income, debts, assets, etc.) to determine how much you might be able to borrow.
This helps you in several ways. For one thing, you’ll be able to fine-tune your housing search to a specific price range based on your financing. This could save you a lot of time and energy, by avoiding properties that are priced above your budget. Additionally, a mortgage pre-approval letter can make sellers more inclined to accept your offer – compared to an offer with no pre-approval.