DO YOU KNOW WHAT QUESTIONS TO ASK WHEN YOU’RE SHOPPING FOR A MORTGAGE? MOST ASHEVILLE LENDERS WILL BE PRETTY CLOSE TO EACH OTHER IN RATES AND FEES. RATES MEAN NOTHING IF YOUR LOAN IS NOT APPROVED OR CAN’T CLOSE ON TIME.
Today, with all the uncertainty and strict loan guidelines, you really need to work with an Asheville Lender who can get your loan approved and closed quickly and efficiently. But how do you find such a lender? Here are 7 Questions to ask a prospective lender.
1. Are you lending your own money? Alpha owns the process from application through closing and funding. We lend our own money, so we make the decision to lend.
2. How many people will be involved in the loan process? For Alpha, it’s the loan officer, processor, and underwriter. That’s it. You will always know what is happening. We are ACCOUNTABLE.
3. Who will do the appraisal and how will they be assigned? Alpha still uses experienced, local appraisers whom we assign on a rotational basis. Many other Asheville lenders use third-party appraisal management companies that put the appraisal out to bid; in many cases, the appraiser with the lowest bid, regardless of experience or local knowledge, get the assignment.
4. How fast can you close? Alpha owns the loan process, so we can adjust priorities if necessary. This is particularly important when purchasing short sales where the time frame to close is short after the servicer of the existing loan agrees to the short sale.
5. Can your loan officer work directly with underwriters? Alpha has in-house underwriters who answer questions and resolve issues instead of just declining loans. Every loan has individual characteristics that DESERVE PERSONAL ATTENTION and understanding from everyone involved. Underwriting should not be an impersonal machine.
6. Who prepares the closing package and arranges funding? Every Alpha loan processor closes her own files. Many other Asheville lenders have centralized closing departments who are unfamiliar with the file and who have multiple conflicting priorities with getting packages out. If your processor is your closer, then she has a commitment to get that file closed. It’s her job. SHE IS ACCOUNTABLE.
7. How many days in advance do you typically have the package to the settlement attorney? Alpha strives to get the package out at least 48 hours prior to closing. Many other Asheville lenders end up sending packages at the last minute which leads to a lot of stress. Settlement attorneys LOVE Alpha because we make their jobs easy. They have a single point of contact (the processor) to get the package, approve the HUD, and resolve any last minute issues.
Today, it's all about EXECUTION AND ACCOUNTABILITY. This may be one of the largest financial decisions you will ever make, so you need to find an Asheville Lender who will put your needs first and get things done fast.
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