Consultation and Discussion
Because the process of a loan transaction can be a complex and costly one, many consumers prefer to work with a human being rather than a computer. This is why banks may have several branches — they want to serve the potential borrowers in various areas who want to meet face-to-face with a loan officer.
It is very important to connect with the Loan Consultant and explain the circumstances of your situation to have a better chance of successfully loan application.
Just like a doctor-patient consultation, a borrower can always discuss his needs with the loan consultant. He can help diagnose, assess and direct toward the best loan type for a given situation. It may be a collateral loan or a non-collateral loan. Since the Loan Consultant can briefly discuss each loan type's advantages and disadvantages. The borrower will have a better understanding and will have a sound-making decision.
Assessment and Evaluation
The Loan Consultant is the direct contact when applying for a loan. He will research and review the financial history, and assess whether qualify for a loan. Since, the Loan Consultant will be contacting the underwriter, character investigator, credit approver, and others. This will expedite the process and save time. Further, this will alleviate the stress of trying to keep track of all the various representatives and their duties.
Meeting with a loan officer is your opportunity to prove your creditworthiness. You can take this chance to explain anything that may have a negative impact on your creditworthiness, such as:
- A missed payment on your credit card
- Gaps in employment
- Drops in your credit score
A Loan Consultant will screen to determine if a borrower qualifies for underwriting. He’ll factor in your annual salary, credit score, debt-to-income ratio, and total debt amount, but the numbers aren’t the only important factors in your ability to qualify for a loan.
Guidance and Assurance
The loan application process can feel overwhelming, especially for the first-time borrower. But when you work with the right Loan Consultant, the process is actually pretty simple.
When it comes to applying for a loan, the process can be broken down into six phases:
Loan application submission: A borrower fill out the application form and submit the necessary documents.
Loan processing: During this phase, loan processors will verify everything on your application.
Underwriting: In this phase, the underwriter determines whether you’re a good loan candidate. It includes background checking.
Pre-approval: This is the phase in which the loan officer approves the application based on the provided reports.
Closing: During this phase, the borrower signs all the final documents.
Releasing: This is the phase wherein the loan proceeds will be released to the borrower.
A good Loan Consultant can be a key player in ensuring that your loan application process goes smoothly.
How to Choose a Loan Consultant
A good Loan Consultant can be a key player in ensuring that your loan application process goes smoothly.
How to Choose a Loan Consultant
There is no perfect loan consultant in the field but only an experienced and wise one. Just like lawyers, we based how good they are on a winning track record. The same process applies when selecting a Loan Consultant, always look at its portfolio and loan approval percentage.
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