Tuesday, July 7, 2015 / by Tom Nickley
Today's topic is the importance of choosing the right lender and what to look for when doing so!
One of the most crucial parts of the buying process is finding the right lender. A good lender is going to explain the difference between pre-qualification and pre-approval. Most lenders will get your credit score, your income, debt-to-income ratio, and other financial information before giving you a pre-qualification and sending you on your way. Great lenders take it a step further: they will get all of your financial information and get you a pre-approval, which is as good as having cash in hand when purchasing.
Speed and communication are other hallmarks of a great lender. Most people get their loans at banks - unfortunately, banks often complicate and slow down the lending process. The right lender will be available to talk at any time throughout the day and week, and will work with you on a personal basis to make the real estate process as smooth as possible.
Working with a trustworthy lender will guarantee a smooth process.
Finding a lender you can communicate with on a personal basis is crucial because you are handing over some very sensitive financial information. You need to make sure you are comfortable enough with the person you're working with to trust them with that information. Look at how the lender took your information and how well they explained the process to you. If you're comfortable with how they communicate with you, it's probably the right fit for you!
If you have any questions about the lending process, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you!