The Home buying process: What’s a Loan officer to do?

Buying a home might seem simple, but as a loan officer knows it’s the details and long process that makes buying a home complicated and challenging. This challenging process can frustrate home buyers. Knowing how to approach the buyer in each stage of the home buying process can make the work of the loan officer not only easier but more efficient.

In this stage, the customers' dream of owning their dream home in their dream area. Words like financing and affordable might just pop their dreamy bubble. It is rare a loan officer sees a customer in this stage. If you do, the best thing to do is gently find out if they are serious about buying a home. If they are serious, we move into the next step. This is when the customer is usually searching Zillow or some other online service.

In this stage, the buyer has gone online to find houses for sale. Maybe they used an online calculator to figure how much they think they can afford. Reality has started to settle in as they realize they cannot afford the biggest house in the best neighborhood. Many customers still over estimate what they can afford. Loan officers approaching customers in this phase need to help the customer decide is it time to move on to get prequalified or move back to dream land?

This is the hardest stage for the buyer because they find out how much they can actually afford. This is the best stage for the loan officer because it is where customers are serious. The goal for the loan officer in this stage is selling themselves to the customer. You need to convince the buyer you are the best person for the job of being their loan officer.

First, narrow the playing field by telling them how a Mortgage Loan Originator has to obtain a certificate and take a rigorous national test to be certified in each state they work. This is much better than a loan specialist at a bank who does not have the same training. If those facts are not enough to convince the buyer, also tell them a Mortgage Loan Originator has more options for rates and terms because they work with multiple banks so they can get more buyers pre-qualified than any one bank.

Once you have the buyer convinced they need to use a Mortgage Loan Originator over a loan specialist at a bank, seal the deal by convincing the buyer you are the best for the job because of your experience and your drive to find them the best mortgage they can obtain. Once you have the buyer committed to you as their loan officer the rest is easier. All you have to do now is your job as a loan officer. Getting your customer the best mortgage so they can own their dream home!

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