THE BENEFITS OF WORKING WITH A REAL-LIFE MORTGAGE LOAN OFFICER

Online lending is on the rise because of its convenience, but actual interaction with a mortgage professional may be able to offer even more.

In this day and age, everything from job interviews, shopping and even mortgages are done online. The internet undeniably offers a convenience that isn’t available on any other platform. However, there’s a certain something that borrowers miss out on when they decide to go with an online lender instead of an in-person mortgage loan officer.

Personal Lending Experience

The homebuying process is different for everyone. Your situation won’t be the same as your friend’s, your neighbor’s, and so on. A digital mortgage lender likely isn’t going to take a deep dive into your current financial circumstances or your goals moving forward.

When you work with a loan officer, you’ll get a truly personalized lending experience. They’ll be able to help you make decisions based on your background, existing situation, and what your financial goals are for the future. They also may be able to offer you financing opportunities that you may not be able to get from an online lender if you have a low credit score, high debt, or unsteady income.

A loan officer will also be able to offer you guidance about the mortgage process every step of the way. If there’s something you don’t understand, they’ll be able to educate you and explain the process with a phone call or personalized email or text, not an automated response. This is especially ideal if you’re a first-time homebuyer who’s never done this before and may not understand certain terms, processes, or steps.

Accurate Pre-Approval

Because an online lender won’t necessarily know your situation and future plans, they may not be able to offer you a pre-approval with an accurate loan amount. Without one, you could be in the dark about which homes you can realistically afford. It’s heartbreaking to fall in love with a property only to find out you can’t actually buy it or keep up with monthly payments.

A loan officer will be able to offer you the most accurate pre-approval because they’ll have the willingness and ability to ask you questions that an online lender won’t. Additionally, you may have to pay for a pre-approval if you choose an online lender, which isn’t necessary when you work with an in-person lender.

Competitive Rates with Better Advice

You might find an online lender’s promise of low rates appealing. However, you may also find out that you aren’t qualified for the rate too late in the game and end up paying more in interest than you would have if you had worked with a loan officer. Usually, borrowers with poor credit end up paying a higher interest rate. Although a mortgage loan officer doesn’t provide credit counseling services, they can offer basic tips on how to raise your credit score before giving you the best loan options for your situation. An actual person will be more interested in your long-term success rather than anonymously securing your business as quickly as possible.

Do Your Research

No matter which path you take on your homebuying journey, make sure you do gather as much information as possible before making your decision. There are so many options for borrowers these days, and that’s a good thing! Just be sure to choose the best one for you and your family. With one of the biggest financial decisions of your life, you want to make sure the process goes as smoothly and stress-free as possible, and your loan provides you with the biggest benefit for years to come.