Every agent has a list of lenders that they’ve worked with in the past. Usually, the list consists of people we would gladly refer our clients to when they need a home loan. Then there’s the other list.
The dreaded “can’t close a deal on time to save their life” list. Or, worse, the “wouldn’t know the truth if it slapped them in the face” list.
Exhibiting either one of these traits will result in a recommendation that a home buyer might be better served by finding another person to work with.
What we look for in a mortgage lender
If they don’t return phone calls or emails promptly, that’s a problem. And promptly is not defined by 3 days later.
Losing documents, asking for the same items over and over and not being able to put their hands on a file doesn’t instill a strong sense of confidence in their abilities.
Let’s face it, lenders usually know ahead of time if they are not going to be able to make a loan work. Telling both the borrower and the agent early in the process saves everyone time and money. Would you like to be out of pocket several hundred dollars for inspections and appraisal only to be told that you don’t qualify for a mortgage?
A sense of urgency
A purchase agreement is a contract, with definitive deadlines for everything from inspections, appraisal and loan approval to the actual act of sale date. That’s why one of the real estate mantras is “time is of the essence”. Cavalierly asking for an extension to a closing date just hours before the act of sale doesn’t make anyone happy – buyer, seller or agents.
Need a referral to someone on the good list? Call us at 504-327-5303 and we can help guide you through the approval process and find you the right home.