Purchasing a home, especially for the first time can be intimidating to most people. They say that it is the largest purchase any one will make throughout their life time. Having been with Consumer Real Estate Finance Company for almost 9 years now, carrying many different hats from being a Loan Officer, Loan Auditor, ordering title work, verification of employments, appraisals to handing closings up until the very end, I have learned a lot. I must say though, working within the business have taught me so much over the years that I can certainly use in my personal life. If that involves purchasing another home for myself or helping a friend/family through the process.
I recently helped my in-laws purchase a home in Ohio. We went back and forth with the builder, deciding if we should “let” them handle it all. Including the financing part. I was somewhat against it as I felt I could provide a much more reliable outcome by doing the work myself. We talked about USDA Loans, with no money down, since they were purchasing the home in a rural area of the city. My Father-in-Law is a retired career Air force Veteran, so a VA (Veteran) loan made more sense. I started the process myself by providing them with a VA application. Took it home and explained every single page to them. From a Loan Officers perspective, I think you need that personal touch to not only gain another customer, but also build the rapport with them. Make them feel that you DO care about this very large purchase they are about to make. Of course in my case, they were family, but I still felt the need to put on the Loan Officer hat at the time so I could really explain what they were getting themselves in to.
Being in the Air Force for over 28 years, my in-laws have lived all over the world, but had never purchased a home for themselves, as they knew they would always be on the move. At the end, my in-laws DID end up going with the lender’s finance company. The reason behind this was simply due to some extra credits they were giving out by staying with the builders finance company and title company.
I still feel good about their purchase as we DID review the finance company’s paper work as well, making sure we still felt comfortable with what they were providing.