 | The selling agent may dissuade his or her client from
taking an offer from a buyer with:
An out-of-town lender
A lender who has been known to be slow
An uncommunicative lender
|
| An offer made by a pre-approved buyer with a competent, local
lender may be accepted at less of a list price than an offer
with a weak loan source.
|
| The loan process is complex; paperwork must be in order.
Many times a closing is delayed due to the lender not being
organized enough to ask for verifications from the borrower in
time. Other times this delay is due to the borrower not
supplying the necessary documents.
|
| Underwriting (the final approval process) and funding can take
extra time if the lender, underwriter and funding location are not
in town. Time is of the essence, each day can be very costly
in money and stress.
|
| Some loans fall through the day the house is supposed to
close. This is usually due to a weak lender.
|
| Most lenders have similar programs from which to choose.
Shop around for low fees.
Ask for a Good Faith Estimate of fees so you may compare what
they are offering. This is the preliminary itemization
of costs, that does not include title, escrow, taxes, insurance, and
transaction fees from your Real Estate agent. (It is a policy
of mine not to charge transaction fees. These are negotiable
to you, "just say no.")
|
| A quality lender will not overcharge you. Your Real Estate
agent should look over their charges to protect your
interests, she should also explain charges to you if you have any
questions.
|
| Some loan officers go the extra mile to write letters to
creditors, research the most appropriate loan (there are thousands),
and stay in contact with the buyer's agent.
|
| A quality lender will be reasonably accessible to your Real
Estate agent. This lender will return calls within a few
hours, if not sooner.
|
| Save yourself the headache, choose a strong lender. I can
recommend a few. |
