Is your lender qualified to help you buy a home?

moneyEveryone knows a obtaining loan pre-approval is an absolute MUST prior to shopping for a home…right?  It’s so important that some agents call it the leather contract.  Have to have it before your heiny hits the leather in my car.  

Important to note, however, that I not only want to know that the buyer is qualified…but that the lender is qualified too.  This is why I work with a select group of lenders who I trust and I know will get the job done.   My preferred lenders know me AND they answer my calls (which is huge, by the way). 

Do you know and TRUST your lender?  Just because you’ve had an account at the bank around the corner from your house, doesn’t necessarily mean that’s the best place to obtain a mortgage.

One of my sellers recently accepted an offer from what appeared to be a qualified buyer.  The buyer had the requisite Loan Status Report filled out and attached to the offer.  A phone call from me to the lender “confirmed” the buyer was approved.  10 days later, however, and after the buyer had spent $300 on a home inspection, the lender (a major “bank around the corner” by the way) changed it’s mind.  So the buyer and the seller had to part ways.  The seller a little sad the deal didn’t work out and the buyer just as sad AND  $300 poorer.

Most Realtors have a list of Lenders or Mortgage Brokers that they work with repeatedly, because they get the job done.  Take your Realtor’s advice when it comes to your lender if you’re serious about buying that home!

Comments

  1. Amy: Great article — it’s always frustrating when a lender doesn’t know what they are doing. Hope your market is starting to pick up there.

  2. Hi Kathy~
    Thinks are definitely heating up (and I don’t mean our summer temps!) here in the Valley. Positive signs that our market is on the rebound!