Buyers should take into consideration the loan officer, lender and company location, as well as availability and communication. Real estate contracts have critical deadlines for loan approval and closing. For example, you, as a buyer, are scheduled to close on Friday. Underwriting, located in New York, requests a new document at 3 pm on Wednesday and they require 48 hours once document is received. You'd better reschedule your movers for Monday and hope the sellers will extend closing without monetary consequences.
Buyers, do yourself a favor. You're making a financial commitment which can be extemely stressful. Just as the loan officer is qualifying you, you should should be interviewing them as well. You will be saving yourself a lot of grief, and possibly money, when surprises occur - and they will!
What to consider when choosing a loan officer:
- Is the loan officer and brokerage company local to the area?
- How will they be in contact with you and your real estate agent?
- How long will it take to reply back to you and your real estate agent?
- How much experience do they have with the type of loan you are seeking?
For more information on the home buying process go to KerriRichProperties.Net and download a FREE copy of the home buyers guide, compliments of Kerri Tullous and Rich Martinez.
1 comment:
So ture! A real estate transaction can and should be a smooth process...but it takes all players to be on the same page. Usually when consumers spend large amounts of money they demand and expect references and resumes', choosing a lender should be no different. When you hire a realtor, take their advice on all parts/parties to the deal and it will make the sale or purchase a great experience...like it should be!
Post a Comment