The homebuying process can feel like a whirlwind at times, with multiple people involved and everyone playing a different role. Some participants, like real estate agents, are well known because they guide you through the exciting part of finding a home. But what about mortgage loan officers, who help make your purchase possible?

Below, we share what a loan officer does, the part they play in the home search process, and why it’s important to work with someone who knows your market.

What is a Loan Officer?

A loan officer is your go-to mortgage resource, helping provide the financing you need to buy a home. They’ll get to know you and your financial situation and walk you through the different types of loans available to you. They’ll also guide you through the homebuying process to help make sure you close easily and on time.

When Should You First Meet with a Loan Officer?

At the beginning of a home search, many buyers think they should start by finding a real estate agent. However, meeting with a loan officer first can actually put you in a better position. That’s because a loan officer will help you understand your budget for your search, even if you think you already know what you can afford. And most importantly, a loan officer will help you get pre-approved. This is an essential part of making an offer and shows sellers you’re serious about buying and have the funds to do so.

Why You Should Choose a Local Loan Officer

When you’re ready to find a loan officer, choosing someone local instead of from a large national company can offer several benefits, including: 

• Local knowledge: A loan officer understands the area’s housing market as well as local mortgage options you may qualify for. These could include specialized loans like first-time homebuyer or down payment assistance programs offered by your state or county.
• Availability, reliability and speed: In a competitive housing market, being able to make an offer quickly can be the difference between winning and losing out on your dream home. Local loan officers are often more accessible on evenings or weekends, giving you peace of mind you can reach your loan officer when it matters.
• Reputation and relationships: Local loan officers are connected to their community and have worked with area real estate agents, title companies and others involved in real estate transactions. That experience, familiarity and reputation can give them an edge when it’s time to make an offer.
   

Your Loan Officer’s Role in the Homebuying Process

After you’ve met with your mortgage loan officer and gotten pre-approved, you can connect with a real estate agent to start looking at homes. If you don’t have a real estate agent, your loan officer can recommend one. When you find a home you like, your loan officer will help you estimate monthly payments based on your potential offer and the current interest rate. You’ll then work with your real estate agent to make an offer – which you’ll be able to do more quickly since you’ve already been pre-approved. If your offer is accepted, your loan officer will confirm your down payment information, lock in your mortgage interest rate, and then work with processing and underwriting to finalize your paperwork.

Connect with a Loan Officer Near You

If you’re ready to start your homebuying journey, find a Bell Bank Mortgage loan officer near you today!

Find a Loan Officer