When buying a home, getting a mortgage is half the battle. Like any discerning buyer, you’ll want to secure the best terms and rates for your home loan.
Aside from making sure that your finances are in order, you’ll also have to find the right lender. Here’s how.
Qualities to look for in a lender
When talking to mortgage lenders, keep an eye out for qualities that will make them a good partner in the buying process:
- Accountability
- Communicativeness
- Foresight
- Prudence
- Diligence
The best lender to work with is someone who will take full responsibility for your loan. They will also be very thorough when it comes to paperwork and information. They will stay on top of important deadlines and put you up to speed on the developments in your loan application.
So how do you increase your chances of meeting one such lender? These tips might help expand your search:
Work with an agent
An experienced real estate agent will have worked with many reliable lenders in the past. Working with an agent can give you access to many lenders who can do a good job of evaluating your financial capacity and setting a fair amount of money that you can borrow.
Once you’ve chosen an agent, ask them about lenders with whom their clients have successfully worked with in the past. Remember that the agent is on your side, and that it is within their interest to help you qualify for a loan. They will be more than willing to assist you in this regard.
Don’t hesitate to approach The Noel Team for your real estate needs. We’re happy to share information on Colorado properties.
Read reviews
Reading reviews and testimonials from homebuyers can help you determine how well a lender can perform their duties, so find whatever information you can online. Naturally, you’ll want to choose the lender with the highest level of customer satisfaction.
To be fair, some reviews may be bogus, having been posted by unscrupulous lenders who want to attract more clients, or negatively biased, if they have been published by a troll or someone with an agenda.
To make sure that the reviews are genuine, only use review sites that have a verification process.
Think location and time zone
A lender isn’t typically required to be in the same city as you – however, experts recommend choosing a lender who is at least in the same time zone. Working on the same schedule will make it easier for the lender to meet tight deadlines and timeframes for funding.
For example, it can be difficult to close a sale in Colorado if your lender is based in New York City. If the cutoff time for a wire transfer in your time zone is 11 a.m., it might not reach the agent in time.
Likewise, if the lender leaves the office and promptly turns off their work phone at 5 p.m. in the Big Apple, you won’t be able to reach them during business hours in the Centennial State.
Ready to buy a home in Boulder, Dacono, Denver, and other Colorado communities? Whether you’re looking for a home with mountain views, ski access, golf course access, and more, the Noel Team is here to help you find the right property. Get in touch with us here and at 303.774.9400.
