Looking to buy in Greater Lansing? Perform a full home search
Looking to sell in Greater Lansing? Get a Home Price Evaluation
In the search for a good lender, it is important to first identify some of the reasons to avoid a bad lender.
Recently, we had a couple of clients who didn’t use the lenders we recommended. They wanted to save a couple hundred dollars and decided to use big-box lenders. As a result, we ran into situations where they had not requested the items that were needed to complete the file in a timely fashion.
When we got to underwriting, we had to seek extensions from the seller in order to get these materials and complete the transaction. Big-box lenders often lack a sense of urgency that smaller, local lenders have. Good lenders want you to complete your paperwork as quickly as possible.
Another problem is that big-box lenders are not always available. The real estate market can be volatile, and changes require an immediate response. That means you might need to get a hold of your lender on a weekend. Big-box lenders are often unavailable from Friday at 3 o’clock until Monday morning. The lenders we work with are always available.
So, what are some other things that make a good lender?
“
”
A good lender will be available to answer any questions and help you meet your timelines.
”
First and foremost, they are easy to get along with. You should have a good relationship with your lender. They’re going to be asking you a lot of personal questions about you and your family and your financial situation. With this in mind, you want to work with someone who is kind, courteous, and professional. The lenders we generally recommend are very timely in their response.
A good lender is also proactive. A good lender has the experience to know what you’re going to need to make your transaction happen, takes the initiative to prepare documents, and has them ready to go, when possible before you’ve specifically asked for them.
Finally, they have a good sense of timeliness and urgency. A good lender knows that you want to get into your new home as soon as possible, and will put forth considerable effort to meet your timelines. If you only have five weeks to close on a home, they will make sure that you meet that deadline.
If you have any other questions about buying a home or need a referral to a lender, just give me a call or send me an email. I would be happy to help you!
