Know What to Expect When Buying Your First Home Seek Advice from Loan Officers

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The Association of California Realtors expects the home prices in the state of California to continue rising in 2013. Since the tragic collapse of the housing bubble in 2008, FHA (Federal Housing Association) have been a renewed importance today for home buyers and mortgage borrowers. When you take out an FHA loan, it is typical for some of your closing costs, such as appraisal, credit report or title expenses to be paid by the home sellers, builders or lenders. Closing costs may amount to more than you think. It is important to make sure you have an idea of what these upfront costs will set you back when budgeting for your new home.

Loan officers, often referred to as mortgage loan originators, specialize in recommending FHA home loans to first time buyers, businesses, and even experienced home buyers. As the housing industry continues to recover, the trend of hiring loan officers is rising, making more available jobs in the field. Becoming a loan officer is a way for many people to find financial stability through a great career. However, there are many loan officer requirements that you must meet before starting a career in that field.

The typical loan officer requirements begin with at least a bachelor’s degree in finance, economics, or a related field if working in the commercial lending sector. If you are interested in residential lending, loan officers must obtain their MLO license. Banking, lending and sales are highly valued experiences for loan officials in both a commercial and residential lending. Personal qualities such as sales skills, strong interpersonal and communication skills, a good work ethic and a strong desire to succeed are also important qualities for loan officers to possess.

If you are about to put a down payment on a house, hiring a loan officer is highly recommended. Additionally, if you are a first time home buyer, you should always seek the consultation from a loan officer. If are interested in the industry and want to know how to become a loan officer, it is important that you have a college degree, the experience and the skills necessary in the banking and financial industry before you pursue the career of a loan officer. Check out this site for more.

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