I wanted to talk a bit about lenders today. I work with a great lender and the reason this is important is buying your home in San Diego could depend on it!
I have a client who is looking for the bottom line best deal he can get. He went onto a website and just pulled a random company off the Internet. I have never heard of them and when the escrow was proceeding I asked the lender for some documentation and he dropped the ball. He sent me a underwriting-approval that wasn't signed by him. I thought that was a little strange and when I asked for a signed version he never supplied it.
We ended up going with another condo that didn't have quite as many issues and the agent asked us work with his lender. Now the days of agents getting kicked back on deals is over. Regulations forbid it. The reason he asked us to use his lender is because he knows she is awesome. She is getting her loans approved and closed.
Pre-approval is easy but underwriting can be very nerve racking. Underwriters are investigating buyers more than I have ever seen. You need to make sure all your financial info checks out before your pre-approval. It's good to get your documentation in right away so if there are any issues that need to be resolved you can take care of it ASAP. It is very risky to try to fix things once you have found a property, gotten pre-approved, are in escrow waiting for the loan to fund.
You don't want to risk losing the home your heart is set on so be diligent in getting your ducks in a row. Find a great lender with lots of experience, success and great response time. Ask them tons of questions and trust your instincts. If you don't get answers that make you feel safe and comfortable "NEXT" them. Your agent and lender will be your greatest assets in your home buying process.
No comments:
Post a Comment