Tips on Choosing the Right Lender According to Real Estate Agent Craig Summers
Everyone wants to live the American dream of owning their own home, but we also want to make sure that we don’t get in over our heads. With foreclosures rates going through the stratosphere you have to be careful who you are working with and what you are signing on for. According to the advice of Craig Summers, choosing a lender is very important.
Finding a lender is not hard: between the internet, billboards and TV ads they are everywhere. In fact, the right lender is almost as important as the right home. So how do you choose which is the right one for you? For that, you will need to do some homework.
When you are weeding out some of the competition it’s a good idea to stay local. There are a multitude of lenders online that can help you, but you need to remember geography. If you have a problem will you be able to walk into their office? Also, a lender in another state may be certified to write loans in GA, but can you be sure that they are completely up to date on all of your state specific guidelines? If you are comfortable enough then work with them. But when you are securing financing you really need to be certain.
Watch out when shopping for rates. A favorite with some non reputable lenders is bait and switch: giving you an unrealistic rate to lure you in and then giving you the actual rate, which is higher. Watch out for promises right off the bat. Lenders cannot effectively quote rates to you until they have reviewed your credit rating and your income and debt. Anyone who throws numbers at you before they have done their work is not worth talking to. If they will lie to you up front what else will they lie about?
Make sure whomever you pick gives you everything in writing. Lenders may not always remember every conversation. Remember: you are only talking to one lender, but they are talking to possibly dozens of clients. Having it written down will help avoid any confusion on both parties. A mistake may be an honest one, but the consequences will be just as real.
For more information on finding the right lender for your needs, visit www.pauldingandpolk.com or call Craig Summers directly at 404 374 1620.
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