Finding the best Loan & Lender
Shopping Lenders and loan products
If you need Lender referrals check out Dan's list of recommended Lenders! But whomever you decide to use, Dan is happy to work with almost any honorable legitimate local lender.
Or ask friends who have had a recent outstanding experience for their referrals.
Don’t assume you have the best deal for your situation though. Educate yourself and shop around! But do it with an informed strategy.
At this stage of shopping there is not much benefit in comparing negligible differences in exact interest rates.
I. You should begin by interviewing over the phone, 3 Loan officers and truthfully discuss with them all of your available cash, income, assets, debts and desires to buy what type of property. Let them know what your exact FICO scores are for all three credit bureaus.
II. Get a feel for how they operate. How credible do they seem to you? How knowledgeable and co-operative are they? As well as how eager they are for your business. Determining how eager they are to work for you is a good indicator of how hard they will work to serve you later when you need their commitment.
III. Find out what loan programs they have that might suit your needs and what kind of ball park closing costs and points you are talking about. Don’t get hung up with comparing specific interest rates too much at this stage. That should be of concern later.(for the purpose of comparing loans, be sure not to concern yourself with property taxes, transfer taxes, recording fees and title related expenses. These costs are entirely separate from lender fees and should not be included in comparisons)
IV. Look for key indicators as to how you will be able to work with this individual through stressful and complicated details. Are they up to it? Do you understand each other when communicating? How responsive and timely? Obvious personality clashes?
V. Ask each lender for a written breakdown of costs for the loan products they have recommended to you. Any lender who isn’t willing to give you a good faith projection in writing for the specific loans they are promoting to you has something to hide. Beware and proceed with caution if you still want to consider them.
Once you have the Estimates in hand... Dan Can help you sort through the details
Keep in mind that those seemingly innocuous and trivial interpersonal chemistry details can sometimes foretell the nature of how things will play out in the process of a transaction. Awkward or dysfunctional behaviors, communication, and relations rarely improve as a deal goes on usually they just continue to deteriorate.
Pay attention to the early signs of the chemistry you have with the loan officer, those signs may foretell the future.
That goes with Realtor’s too. Dan has exceptional ease and connection with the vast majority of his clients.
But let’s face it, in all honesty, occasionally personalities do clash. It’s a natural fact of life.
Dan doesn’t want to have dysfunctional working relationships with his clients and certainly respects that same mindset in his clients. It’s better for all of us if we recognize such problems early rather than later.
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