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Questions to ask your lender.... a must read for buyers!

By Gwynn Carpenter

Real Estate Broker/Owner with Gwynn Teal Carpenter-Broker: Home and Hearth Realty (Austin)

March 05, 2012 09:44 AM

Questions to ask your lender.... a must read for buyers!

Buyers it's not all about the interest rate. Yes, the interest rate on your loan is important but before that interest rate can be applied you must have GOOD SERVICE from the lender you chose.

Are you local?
Do you have in-house underwriting?
Are you able to close a loan within 30 days?
Do you monitor your file after it has been handed to your processor and underwriter?
How do I contact your company after hours and on weekends?
Is the appraiser local?
Does the appraiser know the local market?

Ask the questions before you say yes to that lender. Your transaction period should run like a well-oiled car that only needs minor maintenance. Do your home work. Work with a lender that your Realtor recommends.

Make this purchase fun...not hell on earth!

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Les & Sarah Oswald

Realty One Group - Eastvale, CA

Broker, Realtor and Investor

Great, great advice. Too many times, buyers forget that service is just as important as the rate a lender offers you.

Mar 05, 2012 09:47 AM

Lehel Szucs

All Seasons Real Estate, Inc. - Covina, CA

REALTOR of choice

Do you monitor your file after it has been handed to your processor and underwriter? ---- this is where loan officers usually fail for m clients

I never refer to a loan officer that does not answer their phone for me or my clients (including the weekends (within reason))

Mar 05, 2012 10:36 AM

AJ Heidmann ~ CRS

McEnearney Associates, Inc. - Alexandria, VA

YOUR Alexandria & Arlington, VA Real Estate Expert

Gwynn - I have two mortgage people that I prefer to work with; both are local, have in-house underwriting, and respond to calls on the weekend. They can be the difference between getting an offer ratified and losing out on a home. Thanks for the great check list to work with.

Mar 05, 2012 12:11 PM

Gwynn Carpenter

Gwynn Teal Carpenter-Broker: Home and Hearth Realty (Austin) - Austin, TX

: Broker, Home & Hearth Realty (512)467-6191

Sarah: Just how do we get buyers to understand service is key....the interest rates are almost constant from one lender to another with the same kind of credit scores?

Lehel: I've had too many "other lenders" not know what's going on with a file cause they HANDED IT OFF..and moved on.

AJ: I use a local (my own personal lender) lender who responds to emails and calls...no matter what time and everything is done in-house. Glad to know you have the same kind of service from your preferred lenders.

Mar 06, 2012 07:41 AM

Joan Whitebook

BHG The Masiello Group - Nashua, NH

Consumer Focused Real Estate Services

This is soooo important and somehow, I have a buyer that won't listen to this advice. I know the transaction will be a nightmare!

Aug 26, 2013 11:08 AM

Questions to ask your lender.... a must read for buyers!

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