Information that a Prodigy Lending’s loan officer in Azle, Texas
Information is a very critical component of decision making. All service providers have to obtain information so that they can determine how best you can be satisfied. For instance, if you hire an attorney to present your case in court, it is important to give them information regarding the case in question. If they go to court without all the material information, it is likely that you will not win the case. Similarly, Prodigy Lending’s loan officers will require some information so that they can advise you on what type of loan to go for. If you ever approach a loan officer who fails to request any information, consider going for a different lender. This is because they are not likely to ensure customer satisfaction in the end. Below is information that a Prodigy Lending’s loan officer in Azle will request:
- Your ideal property – the loan officers at Prodigy Lending will want to know the kind of property you intend to buy. This is because some loans have limits when it comes to the kind of property that can be acquired. VA home loans for, instance, do not allow you to acquire an investment property. They only allow for normal residential living spaces. This information will help the loan officer recommend a mortgage product likely to ensure complete satisfaction, in terms of your unique house desires.
- Down-payment ability – the extent to which you can pay down-payment highly determines what type of loan is best. This is because some loans require higher down-payment than others. In the case of VA home loans, that do not require down-payment, a Prodigy Lending’s loan officers will seek to know whether you can service it regardless. They will do this with the aim of ensuring that you get the most attractive VA home loan interest rates.
- Income level – this information is useful in determining whether you have the financial ability to meet all monthly obligations or not. An attractive borrower is one who can pay all monthly installments and still manage to maintain good living standards. How important this information varies from loan to loan. VA home loan requirements, for instance, are less strict when it comes to your income level because the government assures to make repayments if you are not in a position to do so.
- Your intentions for the loan – as stated earlier, you will be required to give details regarding your ideal property. This is, however, not the only reason why loans are taken. A loan can be taken to start a business, refinance and consolidate debt in addition to buying a property. In the case of refinancing an existing loan, especially, the loan officer will require to know why you need a new mortgage. This is to determine how genuine your reasons are.
When answering all questions asked, make sure that you are as honest as possible. Don’t take the loan officer to be nosy. They are just trying to make sure you get the best services possible.
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