Talk with your real estate agent
As a real estate broker in the Chicago area, I have had the pleasure of working with some of the best lenders in the industry. Unfortunately, I’ve also had the unpleasant experience of working with BAD lenders. Let’s face it, they’re out there, so my advice is to Beware! I am more than happy to recommend the right lender for your home loan.
The Importance of a Working with a Good Lender When Purchasing Your Home
I’m sure you realize that finding a good mortgage lender involves more than just getting a good interest rate. Professionals who will guide you through the entire home purchasing process, and communicate effectively are of the utmost importance.
Here are a few tips to help you hire the best mortgage lender
A Good Mortgage Lender Will Ask You Questions
The only way a mortgage lender can provide an accurate quote is by collecting some important information from you. You should expect a good lender to ask about your credit score, how long you plan to own the home, the property type you expect to purchase, etc. A good lender takes your responses to offer multiple mortgage options that make sense for your specific needs. He or she will take the time to explain what each of your loan options means.
A Good Mortgage Lender Communicates Effectively
Knowledgeable mortgage professionals should know the industry and the products extremely well — well enough to explain them in terms that the average person can understand. As the consumer, you are responsible for every document that you sign and even the seemingly consumer-friendly mortgage disclosures can be confusing. If you have questions, speak up! A good lender wants you to understand everything that you are signing. He or she will touch base with you throughout the entire mortgage process and return your calls, emails, and texts promptly.
A Good Mortgage Lender Closes On-Time
Failing to close a loan on time can be extremely costly. You could lose your rate lock, or even the home you wanted to purchase.
Experienced mortgage brokers have learned to expect the unexpected. They understand that glitches can be more common than you think. For example, the mortgage program you chose may have been discontinued. A great mortgage lender will quickly find an alternative product.
Your Part in the Loan Process
Remember, you have a part to play in the loan process. Be sure to get the lender the info you need in a timely manner. This can be a seamless experience when everyone does their job, you included.