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You can
save a significant amount of money on loan costs when you wisely
select a mortgage lender.
How to Choose Your Real Estate
Lender
by Jeanette Joy
Fisher
Because you need quick
action when applying for a real estate purchase loan, find a lender
you can access easily. A lender’s rapid response signifies good
service to follow.
Once you know your
middle credit score, look for a loan officer appropriate
to your specific needs. When ready to make offers to purchase, apply
for credit. Choose at least three lenders to apply with and do it at
the same time. Call all your prospective lenders during the same
week. This counts as only one inquiry on your credit report. Credit
bureaus expect borrowers to shop for a loan.
The best way to
find a good lender is to ask a real estate investor for a referral.
Also, escrow officers and real estate
agents know lenders who close loans efficiently in a timely manner.
Avoid advice from agents or others who receive a kick-back
commission for referring you, because you may pay for this referral
with added charges to your loan.
After you work through all the details
of the lender’s checklist, you understand better the available
possibilities. Now, from a different point of view, work backwards.
Instead of asking the lenders what they offer you, tell them what
you want and find the lender who best matches your terms. Create
your own wish list of your personalized loan needs.
(c) Copyright 2005 Jeanette J.
Fisher. All rights reserved.
Professor Jeanette Fisher, author of
Doghouse to Dollhouse for Dollars, Joy to the Home, and other books
teaches Real Estate Investing and Design Psychology.
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Tips
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