Very good points made here....
Buying A Home? Like Your Realtor® Choose Your Loan Officer Wisely
So you have decided to purchase a home. Great!! It's a smart move in any market but especially now with inventory abundant, prices competitive and interest rates....well interest rates are beyond outstanding.
And you have done your homework. Like 92% of Buyers out there you started your search on the Internet, checking out homes and locations. You know the importance of working with a Realtor® and have chosen one that is both knowledgeable and professional, who has come highly recommended or who may have even been found by you on the Internet through reading their blog. You just knew they were who you wanted to work with. Yep, it's all coming together. You can almost feel that new home in your hands.
But before you go any further in your home shopping excursion you need to get your finances lined up and in order. Your Realtor® has talked to you about the costs of homeownership and has probably pre-qualified you too. That is all good but you need to take it one step further and meet with a lender..
Your first contact with a lender is usually through a loan officer. This person will help explain the costs, qualify you even further for your purchase and will gather all the necessary paperwork needed from you to get your loan started. Now they do a lot more than that but we will keep it simple here. Your Realtor® has more than likely even recommended a lender or two. Perfect...you are on a roll in the right direction.
Then....you decide you want to explore some lenders on your own. After all you did such a great job using the Internet fine tuning your home search and you even did a great job in connecting with a great agent so why not a lender too?
The only two words of advice I will give you is 'Be Warned!!'. TIME IS OF THE ESSENCE in a real estate contract and if you choose a lender who is unknown, who has a reputation for shall we say...questionable service, or did not come recommended by your agent or a trusted advisor you may be heading for thin ice. Just like in any service oriented business no two loan officers/lenders are the same. Some are very personable up front and will promise the best of everything but then do not walk the talk when it comes down the line. Some are great from beginning to end and you will feel as if the whole home buying and loan process was a breeze.
Choose your lender with the same care as you did your Realtor® and your home. I know ultimately the choice is yours but with all due respect...Listen up when a loan officer is highly recommended.
There truly ARE good reasons why they are.
About the Author- Martha Brown is a native Marylander whose passion is real estate. A Certified Residential Specialist, Martha and her partner Nichole serve the Annapolis Metro Area Real Estate Market including Anne Arundel County, Calvert County and Northern Prince George’s County.
All photographs and/or written material and content produced by Martha Brown. All rights reserved and may not be re-produced or replicated without express written permission of Martha Brown, real estate agent with Long & Foster Real Estate, Inc. Copyright 2010. Martha Brown
You can reach me anytime at 410-440-7839 or email me martha@TheRealEstate-Lady.com