As we discussed in the last post, buying a home is a really big deal! To ensure you have a smooth homebuying process, I’m sharing some of the most common mistakes I have seen in my years as a mortgage lender, with the hope that you can avoid them. In my last post, we discussed the first mistake of not getting pre-approved prior to home shopping. This week, we are moving on to mistake #2: assuming all mortgage lenders are the same.
Mistake #2: Assuming all mortgage lenders are the same
This is important. Not all lenders are the same! From personality, to loan programs, to loan fees, we all differ. While you may be concentrating on fees and rates while shopping for lenders, don’t underestimate how a lender’s soft skills can drastically affect your homebuying experience. Soft skills are things like accessibility, reliability, thoroughness, and responsiveness.
Here are two important questions to consider when choosing a lender:
- Has your real estate agent worked with them before?
- Will a listing agent reviewing offers recognize your lender’s name and be more likely to accept or decline the offer because of the lender’s preceding reputation? (Yes, this does happen!)
The best thing you can do is to interview the lender you’re considering. Like evaluating anyone you would hire for a job, ask them questions, ask others what their experience with them has been, read reviews about them.
Don’t settle for a lender who leaves you in the dark and confused, or one who makes you feel unimportant, as though you’re just a number. Don’t feel intimidated because you’re not an expert in mortgage lending. Nobody expects you to be. You are the one hiring them; you steer your ship!
Your lender’s job is to help show you the options available to you so that YOU can choose the next part of your story.
Feel free to comment here or reach out to me directly with any questions!
Be sure to check out next week’s post for the next common mistake I hope you can avoid.
