Finding a Lender is more important than you think. It can make the difference between closing on time and not closing at all or paying thousands of dollars more than if you’d gone with someone else. When it comes to getting prequalified, here are some things to think about.
1) Rate. Your credit score, debt to income ratio, and down payment amount are not the only factors that determine your interest rate. Getting prequalified by several different lenders, banks, or mortgage brokers, will ensure you find the best rate.
2) Loan processing fees. Financial institutions charge different fees at the closing table. Some national loan chains have extremely high loan processing fees. Don't just compare the interest rate, look at the loan document & processing fees as well to find the best deal for you.
3) Reliable. Often large lending chains will hand off your file to other people to complete the transaction. This duplicates the amount of work on you and slows down the process. Ask your lender if they will be handling your file from beginning to end. If not, you might want to find another lender.
4) Smooth Closing. Some lenders won’t release funds on the same day you sign papers at the closing table. They wait for the signed paperwork to get back to the underwriter before issuing final approval. This can bog down your relocation schedule and push closing back 1 to 3 days if it falls on a weekend. Ask if your lender wires the funds to the title company ahead of signing to avoid closing day delays.
5) Tested and Competent. Above all, your loan officer should be familiar with the process and get the job done in a timely manner. They need to keep you on schedule regarding appraisal, underwriting approval, submitting needed documents, proof of home insurance, and getting you the Closing Disclosure at least 3 days prior to closing.
Now that you know what to ask, look for, and avoid, here are my tried and tested lenders:
· Clayton Case – Gaman Mortgage Consulting Group – Apply Here
208-244-8987 Clayton@Gamanconsultingroup.com
· Hazel Webb – Canopy Mortgage – Apply Here
208-313-7189 Hwebb@CanopyMortgage.com
· Con Ball – Fulcrum Home Loans – Apply Here
208-403-8376 Con@FulcrumHomeLoans.com
· Brady Gormley – Envoy Mortgage – Apply Here
208-949-3863 brady.gormley@envoymortgage.com
· Nathan Hampton – Hampton Home Loans – Apply Here
801-577-9231 nathan@hamptonhomeloans.com
· Don Williams – D.L. Evans Bank – Apply Here
208-522-0593 Don.Williams@DLEvans.com