During my career in the mortgage business I have heard many horror stories when home buyers have used other lenders. There are many things that can go wrong when your mortgage is in the wrong hands. But how can you as a buyer know if a lender is not right for you? Well after some brain storming I have thought of a list of 6 people you should not let handle your mortgage:
Talking Green Puppets- You know who I am talking about! Sure the commercials are cute, but all that puppet is doing is collecting your info and selling it to other lenders. After that you will receive phone calls and phone calls from out of state phone numbers wanting to handle your mortgage. And not only is that annoying but it also does not give you the warm and fuzzies that your mortgage is in the right hands
A Lender Not in Your State- You absolutely want to make sure that the mortgage lender you use is at least in your state, if not local to you. The main reason why is that this lender should be familiar with the rules for your state, employment that is normal for your state or region and familiar with the different cities and areas. It also helps that they will be available during your hours vs someone else in a different time zone.
I also do……- If your lender also does anything besides mortgages, RUN! If they try to have you sign up for electricity, have another job or push their Ponzi business run. Of course part of this is meant to be funny, but think about it. If they do not focus on mortgages 100% of their time, how much are they focusing on your mortgage.
Lenders your Realtor advised you against- The best person to go to for advice is your Realtor. No one individual has more experience dealing with mortgage lenders then your Realtor. So they can give you an honest opinion on which one to choose.
My lender is not quick to call me back- This is another reason to run! If you can not get ahold of your realtor or they are slow to call you back, it is a reason to not use them. Not only is it bad service but what happens if there is a problem and you can not get ahold of them? What if you need to make an offer on your dream home and they don’t contact you back until a day later or back on Monday after the weekend. In this market you most likely missed out on that home!
Is your Lender a Ghost?- I have written about this before, but if your lender is a Ghost do not use them. When I say a Ghost, I mean do they exist? Can you find more info on them online, were they referred to you by family or your realtor? If not I would pass on them.
Keep in mind when buying a home it does matter who handles your Mortgage. And here are 6 people you do not want handling your mortgage!!
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