With 2015 upon us and the economy looking up, many people are looking towards purchasing a new home this year. It is no secret that one of the most important steps in property purchase involves communication and collaboration with loan officers. Loan officers, or Mortgage Originators, evaluate, authorize, or recommend approval of loan applications for people and businesses. According to the Bureau of Labor Statistics, they are normally responsible for contacting companies inquiring about loan needs, meeting with loan applicants to gather personal information, obtaining and verifying financial information, explaining loan terms and types, analyzing and evaluating applicant’s finances, and eventually approving or denying loan applications. So what should you look for in a loan officer to make your home-buying experience as seamless and stress-free as possible?
A good loan officer holds many great qualities including time-management skills, problem-solving skills, and responsiveness, but 5 traits that an outstanding Loan Officer must have are listed below:
• They are transparent with customers- a great loan officer is always in line with all national loan regulations, but arguably even more importantly, they are open and forthcoming with customers and realtors about important information that can make or break a loan in a timely matter. They never over-promise or under-deliver.
• They are passionate about what they do- one thing that sets apart excellent loan officers from average is their love for what they do. It is apparent when a loan officer hates what they are doing, but through positive energy and attentiveness to customer needs, passion from a loan officer shines.
• They measure all of their data and information- great loan officers understand that nothing can be improved if it is not first measured. Best performers know exact numbers of leads, credit report pulls, contracts, and closings they have had in specific time periods because they understand how imperative numbers are both to potential borrowers and to their own success.
• They are accountable– They work for companies that hold employees to high work standards and ethical standards because they want to push themselves to their highest potential as a loan officer. They appreciate accountability because it shows borrowers and real estate agents that they can be relied on for closings.
• They are connected– The best loan officers not only know basic real estate principles, but they have rich professional connections with local real estate agents. Great loan officers have a deep base of knowledge they use to inform real estate agents about the closing process for clients, and maintain a positive communication process between the parties.
Looking for a Loan Officer on the North Carolina Coast? Alpha Mortgage has their own in-house team of specially trained Loan Officers that meet all of these qualifications! Check them out and contact one today to get the ball rolling on the purchase of your dream home!
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The Labor Department reported this morning that employers added just 113,000 jobs in January, which was below the 175,000 expected, but up from the paltry 75,000 created in December. A freeze in hiring in the health care sector is one of the factors to the lower numbers. The Unemployment Rate fell to 6.6%, the lowest level since October 2008, but that can be due in part to people falling out of the work force than finding jobs.
Filling up at the pumps will begin to be more expensive as spring nears due to more drivers being on the road along with refineries shutting down for winter maintenance, which reduces supplies. The national average price for a regular gallon of gasoline is at $3.26. For 2014, AAA predicts that the nationwide average price will peak between $3.55 and $3.75 per gallon with the average price around $3.49.
The Census Bureau reports that the share of Americans who own their own homes was 65.2% in the fourth quarter of 2013, down from 65.4% in the previous quarter. Higher borrowing costs coupled with tight credit were the two factors behind the decline. The rate peaked at 69.2% in June of 2004.
Consumers opened their wallets in December and spent on holiday shopping across the nation. Personal Spending rose by 0.4% last month, above the 0.2% expected. However, Personal Incomes were unchanged and below the 0.2% expected. Digging into the report it revealed that consumer inflation pressures were almost non-existent.
Manufacturing activity in the Chicago region declined in January from December. The Chicago PMI fell to 59.6 from 60.8 and was the lowest reading since November. Within the report it showed that the employment component fell, while the prices paid number rose. In addition, Consumer Sentiment fell to 81.2 in late January and down from the 82.5 registered in December.
Today marks the last day in office for Federal Reserve Chairman Ben Bernanke as Janet Yellen takes over the reigns as Fed Chief on Monday. Mr. Bernanke steered the US financial system through one of its worst periods in history after the financial and housing markets blew up in 2008. Ms. Yellen becomes the first woman to head the central bank in its 100-year history.
Who is the FHA?
FHA stands for the Federal Housing Administration which is part of the U.S. Department of Housing and Urban Development. The FHA was created as part of the National Housing Act of 1934. The FHA insures loans made by lending organizations such as banks and private lenders for the purpose of building or buying a home. It also works to improve housing standards and conditions and to help keep the mortgage market stabilized. Home buyers all throughout North Carolina have been utilizing FHA loans for decades.
What is an FHA Loan?
This is a loan provided by an FHA improved lender such as Alpha Mortgage, that is secured by Federal Housing Administration mortgage insurance. This program is a way that our government is helping citizens who are in a lower income bracket and might not otherwise be able to obtain a mortgage loan.
Do I qualify for an FHA Loan?
At Alpha Mortgage we are going to work closely with you to find out which mortgage program is best for you. If that happens to be an FHA loan then we will help you through the prequalification process. This will include providing your employers name and address and demonstrating that you have held a steady job for two years or more with the same company or employer without a decrease in income. You will also need to provide the amount of your Gross Monthly Salary and if you have held multiple jobs over this period, provide W2’s for all of them. If there are any foreclosures with your name attached, at least three years need to have passed (this applies for bankruptcy as well). You will also need to provide the addresses of where you have lived in the past two years.
If you cannot locate a copy of your W2’s, do not hesitate to contact your employer for assistance. You can also order a replacement copy from the IRS’ website. If this all seems overwhelming, that is what your Alpha Mortgage loan officer is here for. They are your trusted source you can turn to who will guide you through the process. With Alpha Mortgage you are never alone.
So What Do I Do Now?
Before you gather all the needed information to prequalify for an FHA loan, give your local Alpha Mortgage branch a call. We will set up a one-to-one for you with one of our loan officers, at your convenience, and then we can learn about your goals for buying a home or refinancing and begin looking at the different options you have. It is that easy and we plan on keeping the rest of the process as simple as possible. We have offices in Wilmington 910-256-8999, Winston-Salem 336-760-3013, Fayetteville 910-484-7272, Asheville 828-552-0330, Jacksonville 910-347-7283, New Bern 252-634-3000, & Jacksonville 910-347-7283. We look forward to hearing from you!