Looking For A Mortgage Lender? Ask Your REALTOR®
August 5th, 2009 categories: FSBO's, For Buyers, For Homeowners, Mortgage Info
Choosing a mortgage lender is no easy decision. It’s even more difficult in today’s lending environment, as mortgage lenders and bankers have become pickier over to whom to lend money.
It’s natural to be nervous about this decision. After all, a mortgage loan officer is handling what will be one of the largest financial transactions of your life. It’s also harder to trust mortgage lending companies these days. After all, the newspapers have been filled with stories about deceptive lending practices ever since the housing boom began. Then there was the news last week, as reported here in the Wall Street Journal, that Illinois Attorney General Lisa Madigan has filed a lawsuit against Wells Fargo & Co. The lawsuit alleges that Wells Fargo illegally discriminated against minority borrowers.
Yes, there are bad loan officers out there. The truth, though, is that there are many more good, dedicated loan officers in the mortgage industry. The bad press tars even those loan officers who always act in the best interests of their clients. It’s an unfortunate situation.
There is one way to ease your nerves, though, when selecting a mortgage lender: Ask your REALTOR® for his or her recommendation.
Experienced REALTORS® have built up relationships with industry professionals whom they know work hard for their clients. That includes mortgage loan officers. Your REALTOR® wants you to have the smoothest home-buying experience possible, so you know he or she is going to recommend only hard-working, ethical loan officers to you.
Of course, this doesn’t mean that you shouldn’t do your due diligence. Make sure to ask any loan officer, even one recommended by your REALTOR®, for a list of references. Then call those references. Ask them if the loan officer was good about returning phone calls. Ask if the loan officer guided them to a mortgage loan product with which they were comfortable. And ask if everything went smoothly at the closing table.
Remember, your REALTOR® isn’t only someone who chauffeurs you from home to home. A REALTOR® is also an advisor, one who can help you navigate the process of making the biggest financial decision of your life. Tap your REALTORS’® expertise when it comes to finding the right mortgage loan officer.
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