Financing in Dallas>Question Details

Trulia Dallas, Home Buyer in Dallas, TX

How do you choose the right lender?

Asked by Trulia Dallas, Dallas, TX Mon Apr 1, 2013

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The best way to find a great lender is by word of mouth. An ad on tv or in the paper doesnt tell you whether they actually do a quick, thorough job without charging an arm and a leg. Assuming you trust your Realtor, you should be able to trust their referrals based on what type of work experience they have had with the lender in the past. I myself used to feel like i shouldn't intrude on this decision for my clients, but after a nightmare experience where a client went with someone a friend suggested and ended up having the credit tanked and almost lost thousands of dollars AND their dream home, I decided I would make sure my clients knew I have a few lenders I trust to do right by them. Such an important part of the biggest sale of most people's life should be handled by a lender who will get the job done right!
1 vote Thank Flag Link Tue Apr 2, 2013
A good agent should be able to recommend at least two lenders that have done a good job in the past and are responsive to customers. It is important for a buyer to speak to a few lenders and chose one that explains the different kinds of loans available (such as FHA versus Conventional), the different rates and fees, and the process to get to closing. You should also feel comfortable communicating with the lender and his/her staff if any. I usually recommend smaller banks and/or local lenders that lend their own money - as opposed to loan brokers, who lend investor money, and large banks - that tend to have higher fees and are slower to respond.

Alan Noel
Dallas City Center Realtors
1 vote Thank Flag Link Tue Apr 2, 2013
Obviously the best idea is according to your location in the USA, you try to gather the list if available lenders and then make sure to read their websites and understand their services one by one. This way you can find the right lenders in your area.
0 votes Thank Flag Link Sun Apr 7, 2013
I think the people at Trulia should focus on building relationships, good ones with Resltors, especially the Dallas Represenative and nt asking stupid questions.
0 votes Thank Flag Link Wed Apr 3, 2013
Who do you choose any professional. One that meet your demands and requirements, explain issues of concerns.

Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
972-699-9111 100's of Dallas homes listed for sale or lease

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0 votes Thank Flag Link Tue Apr 2, 2013
The lender will provide you the Good Faith Estimates when you apply but you will never know the whole truth until you are near the end of the process or at the closing table. There is a trade off between interest rate and fee. The lower the interest rate, the higher the fee. The larger the lender, the slower their process. Some lenders can do quick closing for much higher fee. So if you do not expect the best of everything, you should be OK with most lenders.
0 votes Thank Flag Link Mon Apr 1, 2013
Call my husband! Paolo Dentone @ Home Team Mortgage@ 972-467-7777! He's amazing & local! We've both been in this business for many years and would love to help you throughout the entire process!
0 votes Thank Flag Link Mon Apr 1, 2013
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