Talk First, Apply Later
In today’s world, pretty much everything is automated and electronic. Think about that for a moment. What are some of the daily tasks that you do today that are done completely online or with a wireless connection. Banking? Bill pay? Everything? Even going to the grocery store can be automated. Instead of going to the store, you can order what you want and have your order delivered to you. All from the comfort of your own home. Yet there still are a few things that don’t always benefit you by doing everything online. Applying for a home loan is one of them.
It’s relatively easy to apply for a home loan online. The forms most lenders use are fairly straightforward as well as secure. For example, you may or may not want to have your credit report pulled if you’re in the ‘shopping around’ mode. There’s no need to apply for a home loan at that point. Yet there are endless options of where to go for a mortgage. From your bank lobby to the loan officer you used last time or the mortgage companies suggested to you by your real estate agent.
And then there are the online only lenders. You won’t go into their lobby because there isn’t one. Their lobby is the web. But before you get too much further, some sage advice is this: talk to a loan officer that works for the company you’re considering before applying for anything. You’ll be encouraged to apply for a mortgage at the first or second conversation, but remember, you’re still at the information gathering stage.
But establishing some sort of a relationship with a loan officer is critical. Mortgages can be pretty confusing, but they don’t have to be. This is where an experienced loan officer comes into play. You’ll be asked several general questions and you’ll walk away with a pretty good idea of what you can qualify for, interest rates and monthly payment. Mortgages aren’t really that confusing but because of the new vernacular you’re hearing along with the multiple mortgage offerings available, it can be a bit intimidating.
You might speak with two or three loan officers before you make your selection. Once you’ve found the ideal loan officer to work with it is then time to apply for the home loan. Once you submit your application, you’ll soon receive a list of items needed from you, and then you go from there. But it’s absolutely crucial that you first talk to an experienced loan officer before you do anything.
Written by David Reed for www.RealtyTimes.com Copyright © 2025 Realty Times All Rights Reserved. Reed is from Austin, Texas and is the author of The Real Estate Investor’s Guide to Financing, Your Guide to VA Loans and Decoding the New Mortgage Market. A Senior Loan Officer and Mortgage Executive for more than 20 years, he has also appeared on CNN, CNBC, Fox Business, Fox and Friends and the Today In New York show.
