How to Choose a Real Estate LenderBy Jeanette J. Fisher
Because you need quick action when applying for a real estate purchase loan, find a lender who you can access easily. A lender's quick response signifies good service to follow.
Once you know your middle credit score, look for a lender appropriate to your specific needs. When ready to make offers to purchase, apply for credit. Choose at least three lenders to apply with and do it at the same time. Call all your prospective lenders during the same week. This counts as only one inquiry on your credit report. Credit bureaus expect borrowers to shop for a loan.
The best way to find a good lender is to ask another investor for a referral. Also, escrow officers and real estate agents know lenders who close loans efficiently in a timely manner. Avoid advice from agents or others who receive a kick-back commission for referring you, as you may pay for this referral with added charges to your loan.
Once you find an outstanding loan officer, establish a long term relationship for repeat business and better service. One of your most important connections is your lender.
Ask potential lenders about the following requirements and costs according to a price range you think matches your needs. This also helps determine what you need to look for in a property.
After you work through all the details of the lender's checklist, you understand better the available possibilities. Now, from a different point of view, work backwards. Instead of asking the lenders what they offer you -- tell them what you want and find the lender who best matches your terms. Create your own wish list of your personalized loan needs.
Personalized Lender Checklist
Notice the difference in real estate loan requirements, loan costs, and lender's attitudes. Figure out your qualifications, your loan needs, and find a matching lender with first-class service.
Jeanette J. Fisher
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