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Hi,
I'm a first time home buyer & I'm trying to qualify mortgage lenders from references. I'm getting #s like APR, Lender Fees, Closing Credits to understand which one would be best. What questions would you ask/suggest to understand whose a better lender?
I would suggest that you work with a lender who goes over every single aspect of your specific situation, and simplifies the complexities to the point that you are breathing easier and confident not just in the lender, but in the purchase as a smart move.
I refuse to move forward with a client until we have gone over every box on every page, and do not accept e-signed documents. Too much can slip through the cracks. Keep looking for a lender who will do this for you.
arun_junta: As a Lender myself, I understand your need to hear and gain the best info specific to your financial situation. But so much of the quality of the mortgage process you are entering will rely on the Lender themselves. Can they deliver what they promise? Get the specifics regarding the loan program, rate, costs, etc. that ALL Lenders are required to provide. Then do some homework regarding the performance of the Lenders you are comparing. Find real estate agents, real estate attorneys, past clients that have worked with them. Get their point of view on the transactions they have had in common with the Lenders. What is the reputation of the Lenders? What is their "batting average" for getting to the Closing table? How well did they communicate during the mortgage process? And don't forget to listen to your own instincts too. Who do you feel you will have the best working relationship with? What is your comfort level .. your trust level with the Lenders you are speaking with? That is tremendously important to the success you will find and how smoothly the process will go. Best of luck to you in your search ... and finding a successful conclusion to your transaction.
Thanks for the perspective & information, Pfhtex & LivintheLive. Appreciate it.
Golflover,
Love your analog of "batting average".
How is chase as a lender & their mortgage program viewed?
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