If you’re planning to purchase a home and need a mortgage loan, it’s best to contact a mortgage loan officer sooner rather than later.

Mortgage loan officers work for a bank or mortgage company and closely follow current mortgage news to stay up to date on the market. They use their expertise to help customers secure a mortgage or refinance with a new home loan that best suits their current needs and financial goals. They then submit mortgage applications on behalf of borrowers.

How a mortgage loan officer can assist during the mortgage application process

A mortgage loan officer brings a comprehensive understanding of mortgage loan requirements to the application process, which can be a complex and stressful experience for borrowers.

Throughout the process, a mortgage loan officer serves as a client’s primary resource as they work through the steps of securing financing to buy a home or refinance a current mortgage.

The application process generally starts with a mortgage loan officer organizing a meeting to talk to borrowers and discuss their goals, savings and payment capabilities. Mortgage loan officers will describe the types and terms of loans available. They also verify credit scores, income, debt-to-income ratio and other financial details to determine creditworthiness. If the lending institution’s underwriter approves the loan, a mortgage loan officer begins preparing the closing documents.

Mortgage loan officer responsibilities

It’s a mortgage loan officer’s responsibility to handle communication between the borrower and the staff working on the loan. They also need to move quickly; mortgage loan officers strive to deliver clear, concise and timely information to both parties to quickly close loans, which is particularly important in a competitive market.

They also commit to providing continued assistance to the borrower during and after the mortgage application process. To ensure they’re up to date on the market, many closely keep an eye out for important mortgage news that may influence a customer’s decisions.

Much like a realtor handles the basic practical details of buying and selling property, a mortgage loan officer takes care of the details that go into securing the financing for the home purchase. That includes staying in contact with the appraiser, the underwriter and the title company to ensure a borrower’s success at closing.

If you’re a homeowner interested in refinancing, contact a mortgage loan officer today by calling 1.800.205.3464 or find a banking center near you.