5 Things to Look for in a Lender
Choosing a mortgage lender can be both stressful and time-consuming. With different rates from various banks, how do you decide on a company that fits your needs? We’ve compiled five things that separate a good lender from bad lenders so you can make the right choice.
- Solid Reputation: Thoroughly research your lender and ask your real estate agent for their opinion. A quality lender will have positive reviews about timeliness and communication with their clients. Real estate agents typically have involvement and experience with several different mortgage lenders and can therefore give you a well-rounded opinion on a good lender.
- Answers All Questions: When looking for a mortgage lender, ask questions and then ask more questions. A mortgage is a major undertaking, so understanding what you’re committing to is important. Ask “‘what if” type questions, like “What if the appraisal comes in too low?”, as well as how they typically deal with last-minute problems. A great lender will provide all questions with answers that you can understand.
- Properly Connects & Communicates: Proper communication is key. Choose a lender who takes the time to know you, what you are looking for in a loan and what you expect out of the lender. Mortgage and loan terms can be confusing, so look for a lender who helps you understand exactly what you’re committing to.
- Stays In Touch: The process of solidifying a mortgage can be time-consuming and confusing. With several different documents required, look for a lender who stays in touch and lets you know the progress of your documents and loan.
- Timeliness: A good lender keeps everything on time. More times than not, a closing can be delayed. Go with a lender who properly coordinates the schedules of various parties involved in the closing. A dependable leader will help keep everything on track and on time so you always feel involved and taken care of.
All in all, a good mortgage lender creates a loan specifically for you. Research is key, so when searching for your next lender, look for someone who takes the time to know you, creates a relationship with you and keeps the progress of your loan and closing on track. At Lending360, our mission is to create solutions built around you, and we take pride in providing you with services you can count on.