One of the largest complaints about the 203K loan is the need for a loan consultant. This can often seem to make the loan process even harder than it already is. In actuality, there are many benefits to having this person on your side during the confusing FHA loan process. Remember that the 203K loan is completely different from any other type of loan you may have had before so it is vital to have this person on your side. There are many other benefits as well, including the advice, experience, and expertise that the consultant possesses.
A Neutral Opinion
It is very easy to get caught up in the excitement of purchasing a home and making it look just how you desire. As you go through the motions of setting up contractors, making plans, and arranging your financing, you can lose your train of thought, which could result in you making rash decisions. Rather than dumping money into a home that will not look good or will not hold its value like you once thought it would, you could have the opinion of the loan consultant, a person that is not impacted by the house in any way, give you his neutral opinion. This can help you make the right choice in the end, rather than an emotional one that costs you money.
The experience that a loan consultant possesses could be paramount to your decision. Most loan consultants can walk into a home, walk around it for a bit and know right away if the home is a good investment. Wouldn’t you love to have this type of help when you are purchasing a home – a person that can tell you to not waste your money or to agree with you that you are making a sound investment? We could all use that on every home purchase, but it is only possible with the 203K loan, so take advantage of it!
The Ability to Make Great Changes
The expertise of the loan consultant will enable him to see things that you may not see. He may have a vision for a room that you fall in love with and decide to do or he may see something that is wrong with the house that will deter you from purchasing it. Wouldn’t you rather find out before you purchase the home that something is seriously wrong with it? Oftentimes consultants find things that even the inspector does not find. His expertise with rundown homes helps him to know what to look for in each and every home that he enters. The consultant sees homes that are in poor condition all of the time – the inspector likely sees a variety of houses, some good and some not so good, giving him less expertise in the area than a consultant.
Hiring a loan consultant might seem like an extra step that takes a lot of effort, but it is worth it in the end. The experience and expertise of the consultant can help you make a decision that could make or break your home purchase. The right consultant will have your back through all of the work that is done on the home, handle the negotiating, and even walk you through the loan process. He is your personal assistant through a stressful event in your life – one that can help you get the home that you desire. Even though the loan consultant is required on a full 203K, it is well worth its weight in gold for those that want to rehab a home.