Choosing the right people to surround yourself with is really important. You’re about to go through a big journey, buying a home. Here are my four best tips when picking a lender.
First things first, understand that rates fluctuate within hours, not just days.
I was surprised by this at the beginning of my real estate career. What it means is that if you are comparing two people, which is a good idea, you should be doing it at the same time of the day. It’s not fair to call one person in the morning, and the other person in the afternoon because rates really can change that fast.
Next, a lot of people have the misconception that they’re going to save a lot of time by going through their existing bank. That may not be the case. It may save you the small step of having to supply bank statements, but there is still a lot of material to be gathered, like tax statements, paycheck stubs, etc.
Third, your loan officer should supply a wide variety of products and options to show you. For example, if you are a veteran and don’t want to put a lot of money down, that may be the best way to go. However, you may be a veteran that’s amassed a sizable down payment, so a VA might not be the best option. Make sure that your lender is asking you lots of questions so that you get the best possible product for your financial needs.
Lastly, make sure you are comfortable with them. They shouldn’t treat you like a number. You should get a call back in a reasonable amount of time, not days later. During the spring time, it’s normal for them to be swamped. If they haven’t gotten back to you during the course of the week, that’s a pretty good indication that this lender may not be the right one for you.
Here’s a quote to commit to:
“Anything worth doing, is worth doing right the first time.”
So, interview a couple of lenders, get the right quotes, and choose the right lender for you!