How To Find The Right Loan Officer

How to​ Find the​ Right Loan Officer
Loan officers come in​ all shapes and sizes .​
They generally tend to​ specialize in​ either mortgage loans,​ commercial loans,​ or​ consumer loans .​
For the​ purpose of​ this article,​ I’m only going to​ be addressing mortgage loan officers .​
These men and women can be your best friend or​ your worst enemy .​
They want you​ to​ get your loan .​
They also want you​ to​ get the​ home of​ your dreams .​
So in​ the​ beginning of​ the​ home buying process when they are giving out money they really do seem to​ be the​ best friend you​ can have on​ the​ planet .​
However,​ that relationship can go seriously wrong if​ you​ and your loan officer do not temper your wants with your needs and fit them into your budget in​ a​ manner that allows for contingency planning.
In plain English,​ what I​ just said is​ this .​
If you​ have a​ loan officer that is​ giving you​ more money for a​ house than you​ can really afford to​ pay back,​ they really aren’t being the​ friend you​ thought they were .​
We all get stars in​ our eyes a​ bit when we’re shopping around for the​ perfect home and I​ can think of​ very few people who have ever looked at​ a​ really nice house and said you​ know that’s just too nice for us,​ we don’t deserve all that .​
I​ know I’ve never said it .​
We all want the​ best house for our money .​
We want our kids to​ go to​ the​ best schools and we want the​ really nice huge backyard for our kids and their friends to​ play in​ .​
The reality is​ that often what we want and what we can realistically pay for are two entirely different things.
Unfortunately a​ loan officer can suggest things like interest only mortgages or​ adjustable rate mortgages or​ countless other things that will ultimately lead us down the​ path of​ financial ruin .​
I’m saying all of​ this not because all loan officers are bad or​ even that most are,​ but to​ warn you​ to​ make sure you​ are aware of​ what you​ are getting into when you​ get your loan .​
Chose your loan officer wisely,​ ask questions,​ get references,​ and make sure you​ read the​ fine print .​
Now,​ I’ll get to​ the​ best friend part .​
If you​ have a​ loan officer who shoots straight and tells it​ like it​ is,​ you’ve found a​ golden friend and you​ should work hard to​ maintain that contact for the​ next major purchase you​ decide to​ make in​ your life .​
You see,​ if​ you​ find a​ loan officer such as​ the​ one I’ve mentioned above,​ you​ have found someone that can act as​ an​ advisor for your financial situation .​
Someone who can help you​ make the​ decision on​ whether you​ are adequately prepared to​ buy up or​ if​ you​ should stay where you​ are a​ little longer .​
He/She will also be the​ one to​ tell you​ that while you​ may be approved for XYZ dollars,​ it​ may not be wise to​ put it​ all into your home .​
The bottom line is​ that the​ unexpected happens every day,​ a​ good loan officer can help insure you​ have the​ tools in​ place to​ be prepared .​
a​ good loan officer will strongly advise you​ not to​ overextend yourself financially just to​ get a​ house that you​ cannot really afford,​ although at​ the​ time you​ will think he/she is​ your worst enemy.

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