"Getting the best interest rate is whats most important" Or is it? | Questions you should be asking your lender

FINDING THE RIGHT LENDER

"Getting the best interest rate is what's most important" Right? 

Or is it?

We see it all the time.

Clients out on their own start to throw around the idea of buying a home with no real guidance on the process. Just winging it! 

They reach out to their bank and the banker asks them a couple of questions about income etc and poof they have a pre-qualification for $1,000,000!!

Sounds great right? Or is it? 

Well here's the thing... Buying a home in a competitive sellers market like we are experiencing here in 2021 is no small task. The Team you have representing your matters in this fast paced environment. This includes both your Agents and your Lender. Working together as a team is more important than ever. Not only that but the question arises about timelines during the actual escrow contract time. 

So because of all of this I have put together a list of other important items that you should take into account when searching for the right lender to add to your home buying team. 

Enjoy! 

Questions To Ask Your Lender

• Are you able to provide Direct Underwritten Loan approval?
  • Your Agents will request an updated letter from your lender the day the offer is written with the exact offer price and date of the offer.

• Will you provide Direct contact and communication between you my lender and my agent?
  • It is very important that your chosen lender is available to speak to everyone directly.

• Will you provide your personal Cell phone & Email contact info so that our Agent can include you on the offer email and will you be readily available to call Listing Team after the offer has been submitted?

• Will you be available for the seller's Listing Team to answer questions regarding the loan and timelines, available by phone and email days nights, and weekends?

• Communication on achievable Timelines - (This communication usually happens between your chosen Lender and Your Agent when writing the offer and is then approved by you but it is important to find out what they can achieve sooner than later)

• COE - Close of Escrow
  • What is the minimum number of days the lender will need to close escrow? -21 days or less is preferred.
• Appraisal Contingency -
  • What is the minimum number of days the lender will need to complete the appraisal and have it back to the buyer to review and remove the contingency? 7-10 days is preferred
  • Are they able to waive the appraisal contingency if requested by the seller in counteroffers? This is important in today's seller market.
  • Are they able to get it done during the inspection contingency (7-10 days) if necessary?
• Loan Contingency -
  • What is the minimum number of days the lender will need to complete the loan approval and have it back to the buyer and buyer's agent to remove the contingency? -14 days or sooner is preferred.
  • Are they able to waive the loan contingency? This will help sweeten your offer with the seller.
• Seller Leaseback -
  • Is the Lender able to approve a seller leaseback and if so for how long? (EX 29 or 60 Days)
  • This oftentimes will be requested by the seller in the initial offer guidelines or during counters.

Hope this helps! 

Reach out to us if you have any questions. 

We would love to chat! 

Best, 

Brandon