3 Requirements Your Lender Must Meet
You are a smart buyer.
You do research, you pick a good Realtor, you read a few good real estate blogs. So, don’t go this far and then harm your buying chances by picking a bad lender. In a market where financing is crucial you must pick wisely.
Criteria Your Lender Must Meet…
1. Make sure your lender is not a broker but has there own money to lend. A broker lends other lenders people money. In this market we are seeing many problems with brokers closing on time, backing out of commitments late in transactions, and charging junk fee’s. You will often recognize brokers by their to good to be true interest rates and specials.
2. Make sure your lender can close your loan within 30 days. Since many purchases are with banks, it is imperative that your lender can close your loan quickly. Some lenders are so backed up with refinances and other transactions that they cannot close on time. You may be better off going with a smaller lender than with a national bank in the current market.
3. Make sure your lender has no hidden fee’s. We all hate junk fee’s. We hate them more when they don’t show up until the end of a transaction. Ask your lender to disclose in a “good faith estimate” all the fee’s you will be charged for doing the loan. If you have chosen your settlement company, you lender should also be able to gather their fee’s to give you a better estimate.
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