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Loan Officers: Their Role in Your New Home Purchase

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Business and Management

This article will describe this professional role in the process of buying a home. (In some places, incidentally, a professional degree is the originator of a mortgage loan).

Guide home buyers

The number one function of the loan officer is to guide the buyer through the process of buying a new home. He tells the buyer what to take when filling out the loan application and other forms. You can also visit https://www.fultonmortgagecompany.com/stephenszymanek to get help from experienced mortgage loan professionals.

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He also answers any questions the buyer may have and ensures that the loan goes through every department of the mortgage company as soon as possible. Loan officer training ensures that he is well versed with every function of a mortgage loan.

The term used by loan officers

Like anyone who works in a special field, loan officers will use many technical terms related to special skills that are not known to ordinary people. Some of them include:

Adjustable mortgage rate: a class of mortgages whose interest rates depend on the benchmarks specified

Loans guaranteed by FHA (Federal Housing Administration): Federal assistance mortgage loans in the United States insured by FHA

Floor: the lowest limit that can be accepted by both parties involved

Personal mortgage insurance: Also known as lender mortgage insurance, PMI is "insurance paid to lenders or trustees for securities that may be needed when taking out a mortgage loan" in the case of a mortgage it cannot pay.