Shopping
for a Lender
A very important part of
purchasing a home is finding the right lender. Listed below are some
characteristics you should look for when choosing a lender. Also,
things you should avoid when choosing a lender. Questions
to ask while shopping for your lender
 |
What is his/her
reputation within the community? |
|
How many loans do
they close each year? |
|
Is the company well
known in the area? |
|
How long has the
company been is business? |
|
Does the lender have
access to a wide variety of loan packages? |
|
Can the interest rate
be locked in and for how long? |
What to avoid when
shopping for your lender
|
Do NOT call around
asking for interest rate quotes |
|
Quoted rates over the
phone are rarely locked prices. This is one way the lender
gets you to come into his office. Rates can be subject to
changes unless they are predetermined for a specific period of time. |
|
Interest rates can
change daily. A quote you get today may not be available at
the same price tomorrow. |
|
The interest rate you
are quoted over the phone may not be a program that will fit your
needs or situation. |
|
