We closed three sales yesterday. That's the good news. The bad news is two of them did not fund and there are two very unhappy buyers. I represent the sellers on both of them and while they did not fund on time, I had prepared my sellers that this could happen.
What's the moral of the story? Not all lenders are created equal!
I've originated mortgages as a mortgage loan officer with a mortgage brokerage, as a mortgage banker, and at an FDIC insured bank so I've seen all three sides of the mortgage business. Locally I know a number of good lenders who know how to get mortgages completed and can get them done on-time. Lenders like Joe Boggs with Integrity First Home Loans always deliver. Sadly Joe is the exception in the business rather than the rule.
The two sales that did not fund were the fault of the lenders not managing the process or simply over-promising on what they could deliver.
Buyers need to carefully screen any lender before they decide to use them for a mortgage. Many brokers, bankers, and even large regional/national banks cannot deliver on-time. Personally, I only recommend lenders who deliver time and time again.
As agents, we want our clients to be happy with their home selling or buying experience and we surround ourselves with vendors who help us deliver that level of service.
Looking for a good lender? Talk to your agent.
Photo licensed from iStockPhoto
Originally posted at http://www.thebranchteam.com/wordpress/2012/03/31/buyers-choose-your-lender-carefully/
Tom Branch and Gina Branch, The Branch Team with RE/MAX Dallas Suburbs, service the greater North Dallas suburbs including Dallas, Plano, Allen, McKinney, Frisco, Lewisville, and Carrollton. While Gina concentrates on traditional listings and buyer/tenant representation, Tom specializes in assisting distressed homeowners to avoid foreclosure. Tom and Gina have published two books (Achieving Rock Star Status and The Field Guide to Short Sales) and are available for speaking engagements in the greater Dallas - Fort Worth Metroplex. Subscribe to The Branch Team Blog.
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