Finding A Lender Is An Important Part Of The Home Buying Process
by Dan Wolf
on Monday, May 13th, 2013 at 4:17pm.
There is so much to do when it comes to buying a property that it pays to be organized as you go through the process. Finding the right property is only part of the battle. Once you find the property, then you need to finance it. The relationship between a lender and a borrower is an important one and it is not something that anyone should take for granted.
The first thing to remember about finding the right lender is that you should personally speak to representatives from at least three lenders before making your final decision. You should never borrow from the first lender that you speak to because you could be missing out on a great deal that is being offered by someone else. Do a lot of research and start with a list of lenders to investigate. As you go through the process, you should narrow it down to three that you will want to talk to in person.
One thing that too many borrowers forget is that the dynamic of the lender-borrower relationship is extremely important. If you do not like the way a lender does business, then that could cause problems down the line. As you talk to each lender’s representative, start asking questions about things such as late payments and other concerns that you have. These are realities of lending money that a competent lender will have no problem discussing. If a lender is not willing to discuss your concerns before you sign the loan papers, then that does not bode well for the future of the relationship.
Another way to test out lenders is to call their customer service phone numbers and ask questions of their customer service representatives. Once the loan is signed, you may never talk to the loan officer ever again. Your ongoing relationship will be with the customer service department and you have to feel comfortable with that group before you commit your hard-earned money to a mortgage.
Check with us. We have experiance with loan officers in Anchorage, Eagle River and the Matanuska Valley. Let us give you our thoughts before you start down the road with someone who might not have closed a loan before. Just ask, ok?
Finding a lender can be easy, but deciding on the lender that is right for you should be a long process. When you take the time to find the ideal lender, then you can relieve a lot of potential stress and problems later in the relationship. It is your money and your future home that you are talking about. It only makes sense to take the time to find a lender that you are comfortable with before you sign the agreement.