Questions to Ask Your Lender
Questions to Ask Your Lender |
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| Many people think mortgage lenders are basically all the same, actually there are vast differences between companies and individual loan officers. These variances will affect the level of service you receive. So if you value your time and money, it is important to ask any lender you are considering doing business with these questions, because not all lenders are equal. | |
| How long have they been in business? | This is one of the best indicators of reliability and
credibility there is. A lender does not stay in business by providing poor service
and high rates. Many brokers will get into the business when rates are low and be
gone 6 months later. Since 1993 we have helped thousands of people into homes. |
| How long has the loan officer be a loan officer? | No matter what a loan officer tells you, there is no
substitute for experience. It stands to reason that someone who has been making
loans for 10 years is going to be better able to handle you loan, than some one who has
been in the business for 6 months. The loan officers and Metro have been in lending for an average of 21 years. |
| Do they track customer satisfaction after the closing? | If they do not there can only be two reasons; they don't
care, or they know people are unsatisfied. Either way it is probably not somebody
you want to trust with all your financial information. 99% of our customers who respond to our satisfaction survey would recommend us to someone else. |
| Do they have a license? | Many lenders operate without a license or with a
"brokers" license, which is the bare minimum required by law. Basically
that means they will take your application, perform little or no processing and then
collect a fee. (Usually a large one) Our Supervised lender license number is S-3324 |
| Do they offer FHA or VA loans? | In order to offer these types of loans you have to go
through a rigorous approval process, and then are subject to audit at any time.
Many brokers will tell you they don't have time to fool with government loans.
However, it is more likely they can't pass the test. Since day one. We meet and exceed the financial and loan quality requirements. |
| Do they prepare the closing documents, or does some other company handle it? | The closing is a critical time in the mortgage loan
process. Why would any reputable lender want to "farm out" this
task. You bear increased risk of costly clerical errors, and delays when you deal
with lenders who handle the closing of your loan in this fashion. We close and fund all of our loans. |
| Are they going to keep your file locally? | In today's market where loans are frequently sold, you need
to know if you will be able to get a copy of a document six months down the road. We keep copies of your information for at least 2 years for your convenience |
| How long is it going to take to approve your loan? | With the advent of automated underwriting many loans can be
approved and closed in just a few days. However these systems are not available to
all lenders. Make sure you are dealing with someone who can take advantage of these
time and hassle saving advances. We were among the first to employ the technology and we make full use of all time saving automated systems to get you in your home faster. |
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Other Books In the Library Main Library Page <> Down Payment Stratagies <> Chart of Interest Rates <> Questions To Ask A Lender <> What Are Lenders Looking For? <> Why Buy A Home <> VA Loans <> FHA Loans <> Settlement Cost Handbook <> 3 Things To Avoid <> How To Get Out Of Debt <> Understanding How To Use Credit <> Credit Repair <> Appraisals <> Title Insurance <> Credit Scores <> Automated Underwriting <> |
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