A Very Important Part Of Purchasing A Home Is Finding The Right Lender.
Listed below are questions to ask while shopping for a lender and characteristics you
should look for when choosing a lender, as well as, what not to do when shopping for
a lender.
QUESTIONS TO ASK WHILE SHOPPING FOR YOUR LENDER....
*** What is his or her reputation within the community?
*** How many loans do they close each year?
*** Is the company well known in the area?
*** How long has the company been in the business?
*** Is the lender a mortgage broker?
*** Does the lender have access to a wide variety of loan packages?
*** Can the interest rates be locked in, and for how long?
WHAT NOT TO DO WHEN SHOPPING FOR YOUR LENDER...
Do NOT call around asking for interest rate quotes:
BECAUSE:
*** Rates quoted over the phone are rarely locked-in rates.
*** This is one of the ways a lender gets you to come into his office.
(Rates are subject to change unless they are predetermined for a specific period of time.)
*** Interest rates can change daily.
(A quote you get today may not be available at the same price tomorrow.)
*** The interest rate you are quoted over the phone by a lender who knows nothing
about you may not be quoting a program that fits your needs or financial situation.
(And you will have no knowledge of the other programs the lender may have to offer you.)
