Before you start looking at houses, it’s important to reach out to a mortgage banker. They’ll play a vital role in the home buying process.
What does a mortgage banker do?
A mortgage banker is the person that secures a loan for you from the bank. One of the important roles of the mortgage banker is to help you choose the right mortgage, such as a fixed-rate mortgage or an adjustable-rate mortgage. It’s their job to help you choose the best one to meet your needs.
A mortgage banker will sit down with you, talk about what you’re looking to accomplish, and collect your financial information. The mortgage banker will then use that information, along with your credit score, to determine the type and size of a home loan that you qualify for.
A few tips when choosing a mortgage banker:
• Find someone you trust – ask family, friends and co-workers for recommendations since your mortgage banker will be the person walking you through the home financing process.
• Look for someone with real expertise — it’s important to choose someone with knowledge and expertise as you will be relying on your mortgage banker to consult you on the right loan, educate you on how the loan works and alert you when new opportunities arise that could potentially improve your financial situation.
Sean, a mortgage banker, believes that: “The best mortgage bankers are the ones who will set the process for you up front, so you have a great expectation of exactly what’s going to happen from the very beginning, all the way through the process.”
Ultimately, a mortgage banker can make a big difference between a good home loan experience and one that’s not as pleasant. Since a home is one of the largest financial purchases you will make, it’s essential to find a mortgage banker that will get you in the right mortgage program and that you’ll be bale to trust.
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VIDEO TRANSCRIPT:
TINA: So a mortgage banker is a person who helps you get a home loan so that you can buy a house. And you want to engage a mortgage banker up front, before you even go out and start looking at a house. And the reason you do that is to find out how much house you can buy.
MICHELLE: A mortgage banker is set out there to help and guide you into getting a loan that fits your needs. They don’t make the decision for you as to which loan you should take; they help you by finding out what your goals are and your rate requirements.
SEAN: And then they work with you to collect the documents that are needed, work with the underwriters, and then also we have a processing unit as well that works in conjunction with everybody.
DIANA: You meet the mortgage banker. You have a conversation. You let them know what your needs are and then it’s that uncovering what is best for you and offering suggestions. And I think a mortgage banker that does that is the person that’s a right fit for you because, you know, not any two people are exactly the same. And so the chemistry’s going to be different. And this is someone that you’re—is really going to be quarterbacking the loan process for you so you really need to feel comfortable and that you can lean on that person.
TOM: I love the fact that I get to help people. You see the cliché the American Dream but I actually get to make that happen for people every day and it’s a lot of fun.