What do you do if you’re ready to buy a home and the lender you’ve done business with in the past is no longer around? How do you know which lender to choose? Everyone would agree that it’s important to pick a mortgage company that is reputable and will do a good job. After all, if the money isn’t there, you won’t get to the closing table. A good mortgage lender can make or break a deal. I’ve seen it happen. So, how do you go about finding a great mortgage lender? There’s definitely more than one way, but if you don’t have a referral from family or friends, here are a few things to think about before looking for a mortgage company.
1 – Does the lending institution have a good reputation in the business? Ask anyone and everyone about their experiences. You’ll get an earful, I’m sure.
2 – How long has the mortgage broker/person been in the business? If they’ve not been in the business that long, are they under the supervision of someone who has?
3 – Is the lender willing to be upfront and honest with you? If you’re asking for the moon, and they are telling you that it can’t be done, you probably have an honest lender who will do what’s right.
4 – Real estate agents have relationships with mortgage lenders who are known to get the job done. This is not a bad thing. Agents receive no compensation from mortgage companies. Having done business with a lender successfully in the past may even allow us to push our mortgage people when needed and to have a little bit more control in the transaction.
We also keep a list (if only in our minds) of those lenders we hope we never have to deal with again. Just as trust needs to be built between the buyer and the real estate agent, the same process holds true for agents and the mortgage industry. These two industries work so closely together, that trust is paramount. That’s why we make the suggestion to call “our lenders”. We trust that they can do the job they are supposed to do.
5 – Get two or three quotes. Competition is good for everyone. You can always ask your “favorite” lender to match the best quote you receive.
Remember that if something seems too good to be true, it usually is. At least call the people we suggest that you call for mortgage financing. There is definitely a reason for it!
GoodWin Team Realty
Heather Goodwin, Broker
Serving all of Shreveport and Bossier City
Specializing in Southeast Shreveport Gated Communities
St. Charles Place, Hidden Trace, Norris Ferry Landing, Provenance, Norris Ferry Crossing,
Twelve Oaks, Acadiana Place, and the Ellerbe Road Corridor
Licensed by the Louisiana Real Estate Commission