Next, you will apply for your loan. One of the most important people you will meet during this process will be your loan officer. This person will take your loan application, prepare your loan and gather all of your personal information. This includes your credit report and employment verification. Like the real estate agents, loan officers do not get paid until you settle on your home.

When shopping for a Lender, do not rely strictly on rates or points. Ask about the Lender’s reputation in the area and the servicing of the loan.

TIP: The real estate agent can be a great resource during this stage. They work with Lenders constantly and usually will, at your request, recommend a loan officer with whom they have had successful transactions.

NOTE: Pre-approval is always a great way to build a relationship with a loan officer early on. It is also very useful during many purchase agreement negotiations. Many Sellers will ask about pre-approvals during the negotiation process.