Davidson Realty, Inc.

Realtor Loreal Greathouse Shares Tips on Finding the Best Mortgage Lender to fit your Needs!

January 5, 2015

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Posted by in News

When it comes to buying a new home the first step is generally finding out how much you can afford to spend. This can seem like a scary process, but if you find a good lender who will take the time to explain things to you, you will see it’s not really scary at all. In my experience, working with big name lenders can lend itself (no pun intended) to a not so personal experience. If I’m about to spend my whole life savings and take on a huge amount of debt, I need to know I can reach my lender and get questions answered quickly. I also need to know they have my best interest at heart and they are not just looking to make a buck. I want a lender who takes the time to sit down with me and all of my baggage and dirty financial secrets and dig through to decide the best option for me. Withholding information from your lender is probably the biggest mistake you can make.

The worst experience I have had was when a buyer was pre-approved through a big name lender and a week before closing, we found out the lender couldn’t lend her the money because they hadn’t looked deep enough into her self-employment information when they told her they could give her a loan in the beginning. They didn’t sit down and go through everything with a fine tooth comb, they just went by what she said she made and told her she could afford X amount. She didn’t have enough income to purchase the house! This is something that a good lender would have found right away! So this poor women spent all this time and money on inspections and she lost it all. It does have a happy ending though, my preferred lender looked through her stuff and found a way for her to rent the property til next tax season when she could then buy the home. It turned into a rent to own, which was fine with me because everyone won!

I suggest interviewing a few different lenders before landing on one. Starting at your local bank is a good place to begin if you have a good relationship with them. A best kept secret is that many times Realtors will have a preferred lender in their pocket which can be VERY helpful when you need to get answers fast. My preferred lender has been able to save many deals that other big name lenders botched up. So, check with your Realtor and see if they have someone they have worked with often and who they trust to get the job done.

You can reach Davidson agent Loreal Greathouse at (904) 940-5000 for more information or any of your real estate needs.

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