Mortgage lenders play an important role when it comes to buying a home. Unfortunately, searching for a lender is not a one size fits all situation. Finding the right lender is just as important as finding the right real estate agent. Today I’ll be giving some tips on how to find the right lender for you specifically.
Do you use the lender that your realtor suggests? Do you use the lender that is your uncle? Do you use the lender that your friend used? How do you choose?
A couple of things that are important when choosing a lender is to decide what’s most important to you. Is the interest rate most important to you? Is a lender credit most important to you? Do you want someone that’s extremely responsive? Do you want someone that is watching the market like a hawk and that’s all that they’re doing? Do you want to work with their assistant, or do you want to work with them?
Their technology of the mortgage company that they are with, that’s going to matter a lot. Are you tech-friendly? Do you like to just communicate via email and upload stuff to a portal, or do you prefer to meet with someone in person and hand them your documents? Those are a lot of things to consider, definitely.
But most importantly, what type of buyer are you? Where are you looking to purchase? Are you looking to purchase in an area where there are grants and programs available, and you qualify for something like that? An FHA loan, a conventional loan, a VA loan, jumbo? Are they keeping your loan in-house? Are they brokering it? There’s all these different factors, a big one being your financial situation. The type of way that you communicate best is also another factor to consider. Some lenders will text you. Then sometimes you’re going to work with someone that works at a bank, and they’re only available Monday through Friday, 9:00 to 5:00, for instance.
That’s not the case everywhere, but there are a bunch of different scenarios. Definitely decide what’s most important to you, and it’s okay to fluctuate if those things change, obviously. And you want the whole package, right? You’re like, “Well, I want someone that is available all the time and has the best interest rate and can find the best loan product for me and give me a great credit.” That sounds all amazing. But just like with a home, we talked about before in my last Buyer Tip video, it’s important to find compromise of what’s important to you.
Definitely ask me. Like you guys know, I used to be a lender, so I have experience in that arena. I can help guide you towards who I think that you’d be a good fit for. That’s going to be another Buyer Tip video of just choosing people that are a good fit for you. Whether it’s an insurance agent, a lender, a realtor, you want to work with people that you enjoy. Someone that you vibe well with.
I’ve talked about this a lot, but it’s super important, the process of purchasing a home should be a great one. Obviously, it’s stressful, and there’s things along the way that happen. However, it doesn’t have to be. So, ask me if you need a referral. I know tons of different lenders, and I use tons of different lenders for different types of people. My grandparents, my family, I send them to someone that they know their situation. I know that they’re going to communicate their style. And for someone that’s my age, up here, that is a fellow business owner. Someone that I know can handle someone that’s self-employed, communicates in their way.
So, that is this week’s Buyer Tip. I hope that it’s helpful. And I want to know what else you guys want to know from me. So please let me know what other buyer tips I can offer to you and to yours. I’ll see you on the next one!
Ashley Lew is a Bay Area California Real Estate Agent for Elevate Real Estate. DRE# 02095803
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