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The Importance of a Good Lender
The process of buying a home is a big event. This purchase will be one of the biggest investments you will make in your lifetime. Understanding this process is important in making the right decisions.
How you plan on paying for your home is one of the primary details in the home buying process. If you have the cash upfront, that is fantastic! But in reality, most of us are not that fortunate. This is why it is so important to work with a great lender who understands the process.
Who ever can get the best interest rate wins, right? WRONG!
The most common mistake that most buyers make is to align with an online mortgage lender who offers great rates, only to be surprised by hidden fees and unexpected charges. While there are some reputable lenders online, there are many reasons to consider different options.
Local lenders typically have very solid established relationships with title companies or local attorneys who can expedite the loan process resulting in a smooth and timely closing process.
Here are some few tips to consider when making a decision on choosing a lender:
1. How long has the loan officer been doing mortgage loans? Experience in understanding the programs and your situation can save you thousands of dollars upfront as well as over time.
2. Does the Loan Officer listen and understand your current financial position? When you are working with someone that can offer solutions to problems you may be facing. Credit issues, money for down payment to time on your job. A good loan officer will be able to give advice on the best approach in handling any situation without needing to ‘fudge’ on anything.
3. Interest rates & fees: Most lenders are competitive in rates. Make sure to compare rates with different lenders and the costs associated with getting the loan. Title feeds, recording fees and settlement fees should remain consistence but may vary.
4. Understand how long it will take your lender to process, underwrite and close your loan. Many large lenders and banks may take longer than you have on your contract. The loan officer should be able to tell you from the beginning to end what to expect.
This is your loan, ask questions. You should feel comfortable with this person. You wouldn’t buy a car without driving it, you shouldn’t get a loan without interviewing some lenders.
If you are in need of finding a lender or how to choose the right lender, please feel free to contact me and we can discuss!