The primary role of a loan professional is to establish the credibility of a prospective homeowner. Formerly, loan officers only worked for banks. The establishment of other financial institutions has opened job vacancies to loan officers.
A loan officer in McKinney Texas is the smiling face of The Elite Team Supreme. In contrast to the bank’s loan officer, the firm’s officers care more about the client than crunching numbers. They will go through all the grueling data of your application and form an elaborate analytical report on whether you qualify for a mortgage.
Questions to ask your home loan officer
Meeting your loan officer should be an educative process. Do not go over the simple problems with lightness, assuming that the documentation will bear all the details. We at The Elite Team believe that transparency will satisfy our clients and reduce the workload in the end. The following list will prepare you for a fruitful consultancy meeting:
Which loans do you offer?
Mortgages do not fall under one umbrella. The difference happens through the interest rate, down payment, and source of the funds. Browse all the options before settling on one. A loan officer in McKinney Texas will give you the following options:
- Conventional loans
- Conventional loans with a three percent down payment
- Jumbo loans with a three percent down payment
- Home Possible
- Lock & Look
- 100 No MI W/Community 2nd
What is the credit evaluation process?
Some loaning firms will perform an in-depth credit score analysis before processing the loan. Others will soften the approach and give you a grace period to fix the issue, as you search for the home.
What is the loan limit?
The maximum amount of permissible depends on the mortgage firm. It is also dependent on our credit score and the current income.
What is the interest rate?
The repayment rate depends on the size of the loan and your credit history. Inevitably, the loan type will determine the price following the down payment amount. Talk to an Elite Team loan officer to find out the conditions of your interest rate.
Are there penalties on loans?
The mortgage industry has a unique penalty system. You could incur a drawback if you pay the loan too early. Luckily, prepayment penalties do not occur with most loaning firms. Do not brush off the question, with the assumption that the mortgage company does not employ the system. Moreover, find out the penalties of late payment and permissions surrounding defaulting of loans.
What is the amortization condition?
Flexible mortgage rates can include a high and low limit, that the borrower has to pay. Choosing a lesser amount does not mean that you are wholly exempted from the consequences of not paying the required amount. A loan officer will explain how much you will owe after underpaying the monthly fee.
How long will it take to receive the loan?
A real estate transaction has too many factors in play. The most important is to know when you will receive the money.Loan Officer McKinney Texas
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