How Your Loan Specialist Can Help You

Are you new to the home loan process and have questions about what a Loan Specialist is? Check out the answers to these common questions from first-time home buyers to learn more about the important role your licensed Loan Specialist has.

Vanderbilt has a great team of licensed mortgage Loan Specialists who are ready to help you through the home loan process, but if you are a first-time home buyer, you may be wondering exactly why you have a Loan Specialist and what they do for you. Here are some common questions you may be asking:

  • How can a Loan Specialist help me with my mortgage loan?
  • What does a Loan Specialist do?
  • What is the difference between a Loan Specialist and a Loan Processor?

These are great questions to ask, so let’s dig into the details to help you understand more about your home loan.

How can a Loan Specialist help me with my home loan?

Loan Specialists know about the different loan types that are currently being offered, and they are licensed by the state to explain the interest rate, APR and terms of different loans you might qualify for. They can also take application information over the phone in case anything has changed, tell you if your loan application has been approved and make changes to your loan amount if you decide to include extra options with your home purchase.

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What does a Loan Specialist do?

Loan Specialists review your credit application to find out if you are eligible for a loan based on several different pieces of information, like the length of your employment history and your income. You will typically be in touch with your Loan Specialist throughout the entire process, and when you qualify for a home loan, they will contact you to discuss the financial terms and requirements. If you agree to move forward with the loan, the Loan Specialist will then pass your credit application to the Loan Processor who will collect various documents that verify your income and any additional information required for your home loan to be approved. However, your Loan Specialist will still be in contact with you while they work with the Processor and is available to answer questions. Similarly, once your loan is approved, the Loan Specialist will still be involved as documents are put in order and your loan moves to closing.

What is the difference between a Loan Specialist and a Loan Processor?

Simply put, a Loan Specialist is licensed to offer and discuss loan programs with you while the Loan Processor gathers the documents needed to approve your loan application. Some examples of things the Processor may request are check stubs, bank statements, benefit letters and tax returns. Meanwhile, the Loan Specialist evaluates your overall ability to repay the loan and that you meet all loan program requirements.

At Vanderbilt, we want to be with you every step of the way, and our team values our role in helping make your dream for homeownership a reality. To learn more about the home loan process, check out more on what factors are considered by Loan Specialists when they’re making decisions about credit applications.

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