9 Questions to Ask When Interviewing a Lender
Hey there,
A topic we wanted to address is 'HOW TO INTERVIEW YOUR LENDER'.
We've heard it time and time again...someone is excited about buying a house and decided to explore their options. They find a great Realtor (*wink wink*) and call their bank to see if they can get a loan. While we have nothing specifically against that idea, we do want you to know that there are some major pros and cons to who you ultimately choose to arrange your loan.
SO, before you sign your life away and commit to someone before knowing if they're your best option, here are a few questions we recommend you ask in that introductory meeting. They will not only help you find a lender that is going to be a great advocate for you and your financial situation but also make sure you know how their fees and processes line up against others in the industry.
What are things you can do to help our offers on homes be more competitive?
a. Are you able to close in 3 weeks or less?
b. Are you able to fully underwrite our loan file now?
c. Are you willing to talk with listing agents, to share with them the strength of our financial situation and offer (without disclosing any of our personal financial information)?
Are you and/or your team accessible in the evenings and weekends?
Are you a broker or a banker?
How do your rates compare with other lenders?
Which loan programs do you have access to, and how will you show us our options?
How do you track rates, to determine the best time for us to lock in the rate?
How will you follow up with us over the life of the mortgage, to ensure we always have the best loan, and are in the best financial position possible?
Once we build equity in our home, will you show us how to use that equity to improve our financial picture?
Can you introduce us to other financial professionals, to help us down a better financial path?
Well, we hope that was helpful! And while we're on the topic of interviewing lenders, we do suggest you interview at least 2 different folks to compare their personalities, services, rates, and fees. After all, a good lender can make the difference of you getting your new house or not.
If you're looking to add someone to that interview list, Michael Leland below, is the one who helped us put these questions together and is always an intelligent strategist.
MICHAEL LELAND | MORTGAGE TRUST
503.735.5076 | michael@mortgage-trust.com
Let us know when you have those conversations and when we can start the fun part- touring homes!
Amy, Kristine and Margo - The Place Portland Team