Buying Tips

Choosing a Lender

Choosing a Lender

mortgageMortgage lenders are readily available and accessible in today’s market. However, finding a great one is not so easy. Just like any field, expertise and ability vary along a greatly contrasting continuum. “Titles may not be the best starting point when selecting a mortgage originator, remember, even The Great and Powerful Wizard of Oz is really just a guy behind a curtain.” – Mark Greene of Forbes

Beware the fancy title, or charismatic yet ever so average inexperienced mortgage originators working for lenders with household names hiring basically anyone with a pulse.

Assess the mortgage lender’s competence and expertise. Assigning the credibility and credentials of the institution to the individual can lead to a risky leap of faith when choosing a mortgage lender.

The market is bursting at the seams with “discount” mortgage financing options promising magnificent terms and racecar fast closings, feeding off of the assumption that the absence of “brick and mortar” costs of traditional lenders gives way to “discounted below market rates.” This illusion sounds good… The reality proves online financing is popular among tech savvy consumers but their advertised discounted rates are typically merely just that – advertisements!

So what’s a homebuyer to do?

Start by talking to people who have recently bought a home, or experts connected in the real estate field – your Realtor, financial advisor, real estate attorney, accountant to help you with a short list of lender referrals.

Do your own due diligence and search the Internet thoroughly investigating advertisements for details. “Advertising is shiny, so squint through the glare and find out about fees, lock-in periods, points and qualification requirements for what is being featured.” – Mark Greene of Forbes

When interviewing mortgage lenders take notes, ask for Good Faith Estimates and Truth-In-Lending documents to be e-mailed to you.

At Vision Realty Centers, for your convenience we have in-house Senior Loan Officers. Since the inception of the company, the Broker and masterminds of VRC have weeded out the bad from the good. We built trust in our in-house lenders as a result of experience and our extensive interviewing process. On many occasions, when buyers have gone to big household name lenders and the deal has been blown apart by an inexperienced rep, our in-house Senior Loan Officers were able to come in and the save the day! We have chosen well, so save yourself the extra step instead of trying to re-invent the wheel.

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