If you are a Real Estate Agent like I am we often times will pick up a buyer through a sign call or an open house. Many times that Buyer will already have started a pre-qualification for a loan with a lender of their choice.
For those times when they are not or if we feel that it might be beneficial to the Buyer we may be asked or volunteer to provide a recommendation for a Lender.
These are the questions I use when interviewing a Lender in Portland Oregon for my clients.
- Are you a Mortgage Banker, Broker or both?
- What are your current rates including a break down of your costs?
- Do you have any in-house lending programs and or portfolio loans?
- What loan products do you specialize in?
- Do you have or know of a loan product for Fixers?
- What is your policy towards Flips?
- Have you made any loans to Fixer, Flips, or Rehab Buyers?
- Do you have any restrictions on the number of loans that an individual may have?
- Do you have a product for Multifamily or commercial loans?
- Do you have a product for Condo's? Are there any conditions?
- Do you have loan products for Builders?
- Do you provide a weekly loan update for all parties by email?
- How long have you been in business?
- How many transactions do you do monthly?
- Do you have an assistant that is familiar with your files?
- When you are not in the office will you have your cell phone on?
- How quickly can you generate a prequal letter?
- Do you have an in-house appraiser? Whats your policy?
- Do you have an in-house underwriter? Whats your policy ?
- What is your typical application to close time ( how soon can you close a loan )
- Will you refer unrepresented buyer clients to me as I will for you?
- What was the toughest loan that you were involved with and how did you solve it.
I am sure that there are many other questions that will fit your needs. These are the normal ones that I ask.
What are your questions? Maybe you are a Lender, what additional ideas would you throw out?
Herb Hamilton is a Real Estate Broker with RE/MAX Preferred Inc. Realtors working in Portland Oregon
" A Real Estate Expeirience with Herb is one YOU will Profit from "
www.portlandrealproperty.com A Web Site full of local Portland Oregon information and real estate searches for homes.
www.househuntportland.com A Web Site for the home buyer. Recieve updated real estate listings daily or hourly 24/7. Sent by email on a street map with a Photo a Description and an Address.
www.portlandflips.com An Investors Web Site. Spend your time analyzing the results that will be sped your way within minutes of becoming active in the local RMLS.