How To Choose A Lender

WHAT TO LOOK FOR IN A LENDER

Trust—This is the most important factor in choosing a lender. In the past ten years, the home mortgage market has become incredibly complex, with hundreds of different loan programs being offered by tens of thousands of different mortgage bankers and mortgage brokers. Unfortunately, regulation of the home mortgage industry is almost non-existent. And if an unscrupulous or inexperienced loan officer makes a mistake with your loan or changes something without your knowledge, you will most likely not find out about it until your closing date or a few days before—when it is too late for you to change lenders. Work with a lender you know and trust, or ask someone you trust to refer you to their preferred lender.

Sound advice—Your lender should ask you questions about your needs and objectives and listen carefully to your answers. They should be able to communicate the advantages and disadvantages of various financing alternatives in a way that makes you feel confident you will be able to make informed decisions.

Reputable—If you are purchasing a home, the seller will expect you to provide a lender’s PREAPPROVAL LETTER at the time you make an offer to purchase. With mortgage fraud and failed closings at an all-time high, sellers and their real estate agents have become increasingly skeptical of Preapproval Letters from mortgage brokers they don’t recognize. A Preapproval Letter from a known, reputable lender will put you in a stronger bargaining position, particularly if you find yourself in a multiple offer situation with other buyers.

How To Choose A Lender:

WHAT TO LOOK FOR IN A LENDER

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