By: GotCredit

Photo by: GOTCREDIT

Yes, you can use any lender you wish to use when you purchase a home, but I strongly suggest you consider these points when selecting a mortgage lender:

  1. Is the lender local to the home purchase? I firmly believe that it is better to use a lender that is local so that he/she understands some of the idiosyncrasies of the local marketplace.
  2. Will you be working with a lender that you can actually meet? Someone you can personally interact with? Or will your loan be handled by someone in a business center hundreds of miles away? A local lender with whom you have a personal relationship will be more accessible, and will have more motivation to make sure that your loan process is streamlined and pain-free.
  3. Who wears the necktie? I ascribe to the one necktie philosophy- when something goes bump in the night, you and I want to know the one person that we can contact reliably, the person that will pick up the phone and help us work through any issues. (refer to #2)
  4. At the risk of sounding narcissistic, does the lender have a relationship with your Realtor? It is likely that you will not need another home loan for 7 years on average, however your Realtor can refer a good lender many, many clients in a year. It is a good idea to use someone who wants to make your Realtor happy. We do not receive any benefits from referring business to a lender, with the exception of white glove service for our clients. We have nothing financial to gain if you choose to use one of the lenders that we suggest.
  5. Will your lender tell you to go elsewhere if you get offered a better loan scenario? Absolutely! The great lenders will suggest that you go with “Brand X” if it is in your best interest. My favorite lenders will do this without question.
  6. Ask your Realtor what her recent experience has been with any of the lenders you are considering. This can be great information and may help you avoid some pain.
I have several wonderful lenders that it would be my pleasure to share with you. Just ask!