I am looking for a lender currently. I agree communication and a local presence are important, but the deciding factor for me will be the lowest possible total costs & rates. Im not going to pay more than about $500 in extra total costs to get a local presence.
Although I hate to do it and I hear the warnings, this may make this an online lender transaction. I will give local folks precedence, but it's not worth more than $500 (or a little more) to me.
I also would beware of depending upon a realtors "in house" lending. Although this would be convenient, I can't see how you would get the best overall package costs. And you would still have to go to other lenders and provide all your information to get the quotes and GFEs.
Just be aware the effective APR estimate is only a part of the overall costs you will face at closing, and the GFEs can vary by $3,000+
When a lender is good and has a reputation of being efficient, quick, and has great communication I want them on my real estate referral list.
In this market, its about using a lender who can close a loan NOT a lender who gives a pre approval then 3 days before closing gives a denial. I tend to use only experienced lenders with a great reputation.
The 8,000 tax credit is not any real concern or reason for us to make any fast decisions. I also believe that when the the tax credit prop is removed the market will compensate and home prices and or concessions will decline somewhat in response. Likewise, if a 15,000 tax credit were to materialize, home prices would actually be propped up. It's the same relationship as between interest rates and pricing.
Thanks for the 60 day expiration information.
Are you and your wife 1st time home buyers (have either of you owned real estate in the past 3 years)? If so please keep in mind that the 8k 1st time homebuyer's tax credit is due to end Nov. 30th.
The expiration date on application items such as asset information, credit scores, etc is now 60 days and appraisals can be used for 90 days. With 800 credit scores (good job) you really won't take much of a hit with credit inquiries. A good rule of thumb is 1 to 2 points per inquiry every 90 days - but it is not a perfect system due to creditors reporting at different times every month!
I hope this helps. And I look forward to talking to you soon.
How far out is too far to start the application process? I know the lock is 30 to 45 days nowdays, but what if you want to be prepared but may not need the money for, say 90 days? When does the app package go stale? And how much credit hit will multiple inquirys make to refresh data? My wifes & my credit is currently over 800 (by myfico.com) for each of us & I want to keep it that way.
Please feel free to contact me to compare rates and fees to the online lending company that you are currently with.
Candy C. Dennis
Sales Manager Long and Foster Real Estate
Another very important thing, be available. I don't expect you to be available 24/7 but realize that many realtors work non-traditional hours. If the only time I can reach you is between 9-5:00 M-F, chances are we aren't going to be able to work together. I have met new clients on a Friday evening, gotten them prequalified, shown properties over the weekend and got a ratified contract all before Monday morning. If you're not available, you didn't get that loan.
But the most important thing.... Treat my clients like gold! My business is based on referrals, in large part because I connect my clients with other service providers (lenders, contractors, inspectors, etc.) who all take good care of their needs. If my clients are happy with you, I'm happy with you.
I have a great lender if you would like me to put you in touch.
Prudential Towne Realty