There are several indispensable people you need in your corner throughout the homebuying process. One of those is a loan officer. After all, unless you’re independently wealthy, without a mortgage loan, you can’t get a house. Choosing the right loan officer is important. You may be planning to find a loan officer online, get a recommendation from a friend or coworker, or ask your real estate agent who you should use.

Loan officers provide a valuable service that is a big benefit to homebuyers.

The Difference Between a Mortgage Broker and a Loan Officer

The first question you may ask yourself is, “What would work better for me – a mortgage broker or a loan officer?” Or, until now, you may not have realized those are different people. A loan officer is typically more knowledgeable about the specific loan programs their own institution provides. They can make recommendations such as a choosing a 30-year fixed loan or how to apply for FHA loan assistance. A mortgage broker gives you information from other lenders, basically as a middleman.

What Loan Officers Do

Loan officers are helpful to homebuyers in several ways. They take your application and explain what you need to do to get approved for a mortgage loan, such as providing documentation including credit scores, proof of employment and down payment. Another responsibility of a loan officer is telling you about your mortgage options. They also maintain contact with the loan processor, appraiser, underwriter, and closer, and sometimes even your real estate agent to keep the process moving forward. Loan officers handle many tasks throughout your homebuying journey. Some of them even go to the closing table with you.

How to Choose a Loan Officer

Many loan officers would be willing to work with you, but not all of them are going to offer what you need. If you’re a first-time homebuyer, you’ll need one who is knowledgeable in walking you through what will be a new process for you. You also need to choose a loan officer who provides the loan program you want to use, which is even more important to those who want to use a VA or USDA loan.

Probably just as important as expertise is attitude. Buying a home can be stressful, and you’re going to have questions. Choosing a loan officer who is patient, accessible, trustworthy, and with whom you are comfortable is imperative to making your journey a positive one.

Undoubtedly, your loan officer will be one of the most pivotal participants in your homebuying journey. Understand who they are and what they will do for you, then choose the one who best fits your needs.

Are you looking for an experienced loan officer to help you navigate buying your next home or refinancing your current one? Contact Mortgage Investors Group today to get started on your mortgage loan approval process.