Choosing the Right Lender | Monday Minute March 15, 2021

Choosing the Right Lender | Monday Minute March 15, 2021

Monday Minute | March 15, 2021Whenever you are making an offer in real estate, there are many factors that sellers take into consideration when deciding on choosing your offer over another one.These are typically:1. Price2. Settlement time frame3. Inspections4. Payment termsWhen it comes to payment, if you aren’t paying cash, you are getting a loan. And if you are going to be getting a loan, you want to make sure the company you are getting the loan with is going to be able to accomplish that task for you.There are many lenders out there and not all are created equal. When you are competing for a home, who you work with on the lending side matters.There are a lot of online lenders out there claiming that they will settle quickly and offer the lowest rates, but do they? Maybe. But in our years of experience, that generally hasn’t been the case.Why?Well, when it comes to the interest rate, for these companies to offer the lowest rates, they often aren’t hiring experienced loan officers. Because of this, these individuals taking your application, are making promises that they don’t fully understand.There are many factors that go into being approved or not approved for a loan. And an experienced lender is going to be able to catch these things.Where-as I have seen many buyers get to the 11th hour before settlement, only to find out they aren't going to qualify for the loan. And in some cases, the rate they were originally given, isn’t the rate they end up getting.Then, when it comes to settling on time, this is one area, I can’t remember a time that it ever happened without at least 1 extension.Just because you might qualify for the mortgage, if the company and lender you are working with isn’t going to get you to the finish line, you are putting your future of home ownership at risk.Having been in real estate for over 15 years, I have worked with a number of lenders on both the buying and selling side of real estate.We have great local lenders that we can recommend that we know can get the job done on time, and deliver what was promised.And when it comes to competing offers, other experienced listing agents also know that if comparing an experienced local lender to one of those online lenders, the one with the local lender generally is going to have the upper hand.If you are thinking about buying and want to chat with one of our preferred lenders, give us a call today. We looking forward to helping you!