How to choose a mortgage Loan Officer In Fort Hood Texas
When you are buying a home the lender you choose is a CRUCIAL aspect of the process.. Unless you are paying cash this does not apply.
I want to explain just why we as realtors have specific recommendations. But also I want to make it clear you can choose WHOEVER you want. It is 100% your decision... All I can do is give you my suggestions, and even when I do make suggestions, remember all humans are fallible so it does not guarantee that your transaction will have ho hiccups or unforeseen circumstances… Okay now that we have got the disclaimers done, let’s move on…
I have a pocket of lenders I would personally recommend because I TRUST that when they give a pre-approval they will do everything they can to get it closed.
There are many lenders out there who give out pre-approvals like candy and pray one of them actually closes… I have no desire for my clients to get their hopes up with a pre-approval and then find out they cannot close for that purchase price or at all even….
The lenders I recommend take the time on the front end to get as many details as possible, such as income, credit, debt obligations, etc.. so that there are as few surprises as possible when the underwriter gets into your file… That is not to say there is never something that comes up on the back end, but I know they take every effort to be as thorough as possible…
So when you are choosing a lender, regardless of WHO they are… you also need to ask them:
How did they determine your pre-approval?
Did they verify your income with DOCUMENTS?
Did they verify your credit score, debts, collections, etc?
Did they check your debt-to-income ratio?
Is there anything that they need to know NOW to prevent anything from coming up in the future that could cause a setback?
What are their fees… ask them for a fee sheet and what is the cost of the rate that they are quoting you? - This is where many lenders get tricky, they quote you a rate, but do not tell you upfront that it’s costing you several thousand dollars in closing costs to get that rate!
Oh and one last bonus tip- PLEASE use a trusted, local lender with a good reputation! A lender that UNDERSTANDS the market, what is going on in your market, and they have better relationships with OTHER realtors as well… WHY? Because that may very well be a deciding factor in if YOUR OFFER gets accepted… When competing in multiple offers or even just single offers, it is the duty of the listing agent to share any red flag experiences they may have had with other lenders… many of these big banks or online mortgage companies raise a lot of red flags due to their inability to communicate, work late when needed, and get the deal closed on time!
There are a lot of mortgage companies, loan officers, and brokers… and the sad truth is a lot of them can get you a pre-approval but they can’t all get you closed… make sure whoever you choose, is going to get you to the closing table on time and as smooth as possible!
If you trust your REALTOR®, you should trust their recommendations, but of course, always do your own due diligence in making sure you are going to work well with the lender you choose! It is TOO IMPORTANT not to put effort into this decision!
Samantha Hammonds
Your Central Texas REALTOR®
214-791-3961 Call or Text me if you are looking to buy or sell! I would love to help you!