Many lenders have similar pricing and products, and service is difficult to prove until you have an opportunity to work with a lender. In today’s lending market, which includes tougher underwriting guidelines and stricter appraisals, you may find it challenging to find a lender that represents a level of high-quality and service.
So, when you shop for a loan, how else can you differentiate lenders above and beyond the typical price/product/service attributes?
Here are some suggestions:
Ask for referrals – If you have a friend, co-worker, or family member who had a good lending experience, ask who they’ve used. Talk to people who deal with multiple lenders (your John R. Wood real estate agent, your attorneys, accountants, etc.) and leverage their comparative experience into making good choices. Loan officers who earn referrals typically go beyond the price/product/service expectation.
Seek out a mortgage advisor – Even today, with limited loan programs, there are many factors to consider when choosing the right mortgage. Your future income, the length of time you expect to be in the home and your risk tolerance should be discussed.
Look for transparency – Demand a lender who freely and competently discusses rates and likely rate movements. Rates are derived by activities in the bond market and your loan officer should be able to explain, in layman’s terms, the factors that affect rates and upcoming events and economic reports, as well as, the most likely impact they will have.
Accessibility of information – Are you looking for printed materials and/or videos to guide you through the process? How about online workshops or home buying seminars?
Seek out a resource – You may need other professionals when buying a home (from insurance people, to home improvement people, to legal help). A good loan officer has a network of high quality referral partners to help you.
While the criteria may have changed in finding a good lender, there are still many out there who can get the job done. John R. Wood Realtors has an abundance of resources to help you find a lender. Check with your John R. Wood Agent today!
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