We get a lot of calls from real estate agents who are looking for new lenders. Many agents say they don't really know how to tell if a lender is any good, and they ask for our advice. Here's a quick checklist of questions to help you choose a lender:
- Do they quote interest rates without knowing the borrower's credit score, the size of the loan, the amount of the down payment, the occupancy type (primary residence, second home, investment property), and the property type (single family residence, townhouse, condo)? A lender needs to know all of that info before they can possibly quote an accurate interest rate.
- Can they explain all of the closing costs - not just the dollar amount, but what the fees are actually for?
- Can they explain all of the disclosures so the borrowers understand them?
- Are they approved by Fannie Mae, Freddie Mac, FHA, VA, and CHFA?
- Do they charge an application fee? There should never be an application fee.
- Do they personally attend 100% of their closings?
- Do they review the final numbers with the borrower the day before the closing?
- How do they do pre-approvals? Do they know that they have to manually check the investor guidelines and the mortgage insurance guidelines before they will know whether a loan will be approved, or do they just rely on the Fannie Mae or Freddie Mac underwriting software to give pre-approvals?
Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!
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