Getting a home loan, especially your first home loan, can be somewhat of an interesting dance. Your
loan officer will be your dance partner and reaching the closing table is the curtain call. Every loan and
every borrower represents different situations and circumstances but there are 3 things your loan
officer wishes you knew, but they probably won’t tell you.
1. Call me first. When you decide, you are ready to start looking for a home you should look at
your ability to get a loan and how much you will qualify for before you launch your search. This
will give you a better range of homes prices to look into and you will actually be able to advise
your Realtor on what you are looking for realistically.
2. Keep me in the loop. Sometimes things happen or unexpected circumstances occur. Your loan
officer isn’t someone that you need to hide these things from, they are your best resource for
creating a plan to combat them. If you or your spouse suddenly fall ill or lose an income trying
to keep it under wraps will hurt you in the long run. By keeping your loan officer in the know
they can recommend adjustments that will benefit you long term. Remember they are your
greatest ally in finding the best solution to your life no matter what.
3. Don’t make sudden changes. This seems pretty obvious but it doesn’t necessarily “go without
saying.” Check with your loan officer before you close old accounts, take a better job, or really
anything that effects your finances while you are working on your loan. You may not realize
that closing that old credit card you never use may drop your credit score or that changing jobs,
even for more money, may affect the ability to approve you for a loan.
The relationship you build with a loan officer is one of mutual trust and respect. Over the course of your
lifetime you may work with the same loan officer many times as you buy your first home, move into
retirement space. Keep in mind that they are always there for you to reach out to when you are “kicking
around” the idea of making a move.