Sometimes when we meet a Buyer for the first time...someone we know, have been referred to or has found us thru our marketing...they have been pre approved by a lender...Yaah....maybe....and maybe not. We always...without exception require a pre approval by a local lender before we begin a search...set up showings, look at the wish list, discuss communities, etc.
The Buyer may have a familiarity with the bank...it's where they have their checking account, it is a convenient location...other services were appealing...but they really have no experience with the lender in the area of Mortgages. More than that....the Lender may not have ....the best rates or service in lending as they may have for other services.
We have had loan officers who after receiving the offer to purchase asked us all kinds of questions that are clearly spelled out in the offer; i.e. "is there going to be an inspection"....or "what is the closing date".... yicks, yicks...! Questions are a wonderful thing...not when there should be a high degree of familiarity with an offer...and what it contains or where to find it in the "fine print."
We always say...if you are spending a bunch of money...it is always worth the time to interview more than onc source...to know the questions to ask...to feel comfortable with the qualification of the loan officer...AND the lender before choosing one is an investment partner.
Different lending institutions offer different programs for people with different needs...bankers, mortgage bankers, local bankers with in house portfolio loans and credit unions are all options...research will help you...your real estate agent may suggest lenders best suited to your situation. Research, review...ask questions.
This has been an educational post brought to you by Sally K. & David L. Hanson, Broker Associates with EXP Realty LLC honored to be of service for all things real estate in southeastern Wisconsin.