What Should I Look for in a Central Coast of CA Lender?
I typically recommend local lenders because I find that they are more accountable. Even if a buyer is using a national bank, I find it is better to have a local representative on the file. Nothing is more frustrating than working with some 1-800 number lender who becomes conveniently absent when a deal starts heating up, or timelines get tight on a transaction.
I typically look for experienced lenders. An experienced lender will anticipate issues on a file and solve them at the outset which causes less delay at the end. An experienced lender knows how vital it is to keep up with changing guidelines, and in this lending environment changes happen every week. An experienced lender will verify your income and assets as soon as possible. Believe it or not, not all income or assets will qualify you for a loan. An experienced loan officer knows they need to look at your paperwork to really be sure about your file.
Does the lender have direct contact with the underwriter? When you are down to the wire, working with a lender who has direct access to their underwriter can be vital. A lender who can pick up the phone and get an answer from their underwriter in five minutes is very different from working with a lender whose only contact with underwriting is via email with a 48 hour response time.
When working with buyers, I try to give my clients good advice and questions to ask when selecting a lender. As an independent real estate broker on the Central Coast of CA, I don't have any affiliated arrangements with any particular lender. If the service, performance, or timeliness gets sloppy, I simply start recommending someone else. My goal is to help you save money, get you to the finish line with the smoothest ride possible in this bumpy real estate market.
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