How to Select the Best Mortgage Lender
Interest rates and terms are important but only if you successfully close your transaction. The mortgage lender’s systems and support staff are critical in today’s fast moving real estate market to secure your home purchase. The following questions will help when interviewing and selecting a mortgage lender.
- How long have you been a mortgage lender? How long in the Denver Metro Area?
Minimum of five years in the Denver Metro area.
- What percentage of your clients are referrals?
35% or more
- How many home buyers did you assist with their home purchase financing in the past year?
100 or more home purchases (not refinances).
- How will you communicate with me?
Text, e-mail or phone based your preferences.
- What is your availability to assist my Realtor in submitting an offer?
Weekdays, evenings and Saturdays. Their availability to provide updated approval letters or other documentation that an offer may require and to do this in a timely manner on Saturdays and weekends is imperative.
- Do you have a support Team? If so, will I be working with you directly or with other members of your Team?
Yes. Communication with support team is fine but the lender should be your primary contact.
- Do you have a plan to help me buy a home in a competitive bidding situation?
Yes. A proven plan to help you win in competitive bidding situations including availability to personally call the listing broker to explain your pre-underwritten loan pre-approval.
- Do you have a pre-approval process that includes underwriter review?
Yes. Pre-under written approvals give you a competitive advantage in a fast moving market.
- Can you share recent references?
Yes. As recent as possible. Be cautious of old (1 year or more) references.
- Is your license in good standing? Any past violations or discipline actions with the Colorado Real Estate Commission?
Yes. Beware of past violations or discipline actions.
- Do you have direct in-house underwriting?
Yes. Direct in-house under writing gives you a competitive edge in a fast moving market.
- Do you have direct in-house processing?
Yes. Direct in-house processing is critical to a smooth transaction.
- Do you have a performance guarantee? Do you guarantee an on-time closing?
Yes with an on-time closing guarantee.
- Can you close a loan in 30 days, 45 days?
Lender should be able to close in 30 days or less. Minimum 45 day closing time indicates lack of the systems discussed above, in-house under writing and pre-under written approvals.
- Will you review the final closing statement with me prior to the day of closing?
Yes. Lender should be willing to review the closing statement in detail no less than 24 hours prior to closing.
hope these questions help you in choosing the best Realtor to sell your home. If you have any comments or questions please contact me at 303-591-2116.