One of the primary concerns in purchasing a home is finding the right financing. In securing financing there are a huge number of available lenders in any given area to consider. How can you be sure that you will find a lender that you feel comfortable working with? The most important aspect of a borrower/lender relationship is trust, if there is no trust; the relationship will be strained and difficult to bear at best. In order to find a lender that you can trust, and will customize a loan to suit your needs there are some things that you will have to ask them as well as some homework that you should do before agreeing to a lender.
To start, find out what organizations the lender belongs to. If they are members of the Chamber of Commerce and the Better Business Bureau, then you should be able to trust them to be scrupulous in their business dealings with you. At least you will be able to find out more about their business track record. Also pay attention very carefully during your meetings and listen to what they have to say. Are they helping you with every step of the loan process and discussing with you and keeping you informed at every step of the process? Don't ever be satisfied to "not know what's going on." This is your money being dealt with, you deserve to be in the know.
Communication is the more important thing during the acquisition of a loan. How quickly does the lender respond to your questions? When dealing with mortgages time is money. Also take into account the fact that lenders have a personal interest in the fulfillment of your loan.Is your lender interested and involved? If not, you may want to look elsewhere. Personal attention is something you deserve in a lender. After all, your needs are different from everyone else's why should your loan be the same as theirs? You need to find a lender that will customize a loan to your needs, and don't forget to get everything in writing.
Mortgage Lender Bad Credit
As a Realtor and Buyer's Agent, the most visible part of my job is searching for real estate, negotiating the property, and then contracting the property. Most people think that my job ends there. However, if I want to make sure that I continue to receive business referrals from my past clients, I have to make sure that every aspect of the transaction goes well.
Because of this, I have to be knowledgeable about every aspect of a real estate transaction: contracts, inspections, insurance, title, and most importantly, financing. The right financing can make a successful transaction, and a bad lender can turn a successful transaction into nightmare. I have long-standing relationships with many quality lenders ? I'm highly selective about who I work with, and very wary about outside lenders that find their way into my clients? transactions.
The Mortgage Brokers & Lenders who I know and trust make a habit of making promises, and keeping them. A bad mortgage broker will either choose to make no commitments to their client, or make promises that they have no intentions of keeping. Oftentimes, this has to do with interest rate ? which makes a huge difference in a buyer's monthly payment. Imagine contracting a home for a certain price that you were assured would mean a specific monthly payment, then being told that the price of the home was still the same, but you would pay hundreds more per month for the home. You wouldn't feel that the transaction went well, and I wouldn't receive business referrals from you.
Good Mortgage Brokers & Lenders create deadlines for themselves & the transaction, and they keep those deadlines. A bad mortgage broker will avoid making any commitments and will not respect your closing date. Buyers always assume that their lender knows and respects their closing date. However, when dealing with unknown lenders, I have seen bad lenders close 2-3 weeks late ? and sometimes not at all. When asked why the transaction won't close on time, it's typically ?due to underwriting.? This excuse is invariably used because the buyer & buyer's agent are not permitted to contact the loan underwriter.
Good Mortgage Brokers & Lenders maintain an open line of communication and contact their clients regularly. A bad mortgage broker will ?disappear? for extended periods of time and has no set contact schedule. Many times, there is little to no news to report. However, clients oftentimes need the reassurance that everything is still on track and that nothing is needed of them. Good lenders understand this, and they make sure that clients hear from them on a regular basis, from first contact to closing.
There are small differences between good & great mortgage brokers & lenders ? lenders who attend closing, go the extra mile to make sure that their clients understand every detail of the transaction, etc? While a great mortgage broker can help to make your transaction great, avoiding bad lenders will help to make sure you're happy at closing. The only way to make sure you avoid a bad lender is to use someone who has been referred to you and who has an established track record.
Both Mark Hostetler & Eric Bramlett are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Mark Hostetler has sinced written about articles on various topics from Real Estate, Games and Promotional Advertising. Mark Hostetler is a certified Las Vegas Realtor:? who is known in the community for his honesty and hard work. Mark's knowledge of the
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