Eugene Oregon Real Estate

Find Your Loan Officer (Buyer Tip 3)

To read Step 2 “Discuss the Details” click the link

To read Step 1 “Select a Realtor” click the link

The agent you select should work with a couple of Loan Officers in the area of Oregon you are purchasing a home. For myself in Lane County I work with one in specific but have others that I trust and am happy to furnish their contact information if you’d like a second opinion. The Mortgage Loan Officer should come highly recommended by whoever you are working with. This person will be very important through the process. Your Loan Officer will get you a comfortable payment when the time comes for you to write an offer.

There are a lot of “online” companies that promote all sorts of programs and payments but most agents will agree that you should be referred to your Loan Officer by someone that you trust that has gone through the process or by your agent. I know, personally, that I always recommend going with someone who is local to the Eugene/Springfield area. This benefits you and your agent for multiple reasons. You’ll get to meet your Loan Officer in person and see where he works and get a chance to make sure it is a good fit. A local Loan Officer will be up to date on programs that are specific for Lane County Oregon homes. If you work with an “online” company and they aren’t answering emails or your phone call then there isn’t much you can do, if you work with someone who is local then you at least have the ability to go into their office to check in on the process.

Generally, all lending institutions will have the same programs and products for your mortgage as they are all regulated by the government. More importantly is that you are comfortable and trust your Loan Officer. This person should also be keeping in touch with you frequently to give you updates. It is important that you are also comfortable with this person as well. You, your Agent and Loan Officer will be working together for the next 30-45 days to complete the process and to get you into your home on the specified contract date.

Typically your first interaction with your Loan Officer in Oregon would have been on the phone for a quick conversation to discuss your purchase and then to set up an appointment to meet. It is best to meet with your loan officer as quickly as possible, interest rates change on a daily basis if not multiple times a day and most loan officers keep track of what is going on. They will be able to inform you of any recent changes to the market or program guidelines and help secure the best product for your needs. A good Loan Officer will sit down and explain the process to you and answer any questions that you have at the time. The idea is to get you comfortable with the process and to keep you informed so you know what to expect for the next 30-45 days. They will be verifying a lot of personal details so trust is a crucial aspect with your Loan Officer. Your selected loan officer will most likely ask you to obtain some of the documents to get you pre-approved. Being pre-approved will show sellers that you are serious and in a strong position to buy their home. This can be VERY important if you are competing with other people for a property.

RECAP:

• Be referred to a Loan Officer (by your agent or someone you trust)

• Work with someone who is LOCAL to the Eugene/Springfield or Lane County area

• Be comfortable with this person, you will giving them a lot of personal details about your current financial set up

• Set up with them to discuss the right loan program, remember to do this quickly so you don’t lose any time

• Bring all pertinent information to your meeting

• Get pre approved and get a copy of a pre-approval letter

• Go find YOUR and write an offer!