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Selecting a Loan Officer? Avoid Common Pitfalls With Attorney Al On Your Side

Selecting a Illinois Loan Officer

What is a loan officer?

When applying for a loan, a loan officer will be responsible for reviewing your application and ultimately deciding whether or not to approve your request. They will provide you with all of the necessary paperwork and advise you on what information you will need to list.

Next, they will process this paperwork and, should the loan be approved, transfer the money to you. They will usually keep in touch to make sure that you have not run into any problems as well, so it is important to make sure that you enlist the help of someone that you can trust.

You Need an Honest Chicago Loan Officer

Over the last couple of years, many individuals have become hesitant when it comes to real estate transactions, especially when it comes to mortgage agreements. One way to safeguard yourself from sub-prime and other unsavory mortgages is to select a loan officer that you can trust. A loan officer is the individual who will serve as the main intermediary between you and the bank or other institution backing the loan. Because your loan officer has such an influential position in the loan process, it is very important to consider a number of facts when selecting a loan officer.

Loan officers earn their living by receiving a percentage, usually around 1%, of the final amount of the loan. For example, if an individual borrows $500,000.00, the loan officer would make $5,000.00. It is important to find a loan officer who will not try to sell you on mortgage options only because they will increase the officer's earnings on the deal. As such, you should not hesitate to do some investigating before enlisting the help of such a person blindly. For assistance in selecting a loan officer, contact an attorney today.

What to Look for in a Loan Officer

Due to the nature of the real estate market, it may seem like a daunting task to find a loan officer you can trust. Be this as it may, trustworthy loan officers do exist. One thing to be aware of when selecting a loan officer is how upfront he or she is about any additional fees associated with the mortgage option you are interested in. An honest loan officer will disclose any fees, such as originator fees or hidden costs, and not change any of these fees or charges later on in the process.

It is always a good idea to ask the loan officer if you could speak to a previous customer to get an assessment of the loan officer's ability and trustworthiness. Loan officers exist to help you along the mortgage process; when selecting a loan officer it is important to find an individual who you can trust. This is a complex legal matter that should be handled with the appropriate level of precaution, so do not hesitate to consult with an experienced legal professional that can point you in the right direction.

We proudly represent residents of DuPage County, Cook County, and Will County. Call today for a free consultation.