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Home Loan 101

What to expect from your Lender

February 8th, 2017

When buying a home, you know what you want from your lender... but do you always get it?

EasyFasand Knowledgeable

1. The process should be Easy, with no hidden surprises. 

2. The loan should close Fast and on time. That’s what pre-qualifications and pre-approvals are for.  

3. Your lender should be Knowledgeable. Work with a lender who understands all of the mortgage products available.

Is your current lender providing you and your customers with the three pillars of a great mortgage experience?

A bad borrower experience with a lender inevitably trickles down and can damage the reputation of the realtor. After all, if the lender is “your guy” then naturally that lender is an merely extension of you in the buyers eyes. Choosing the right lender can make or break the entire home buying experience. There are lots of lenders to choose, so how do you find the one that's right for you?

Working with the right lender will ensure an EASY mortgage experience for your buyer. Your lender should provide clear direction with no hidden surprises. When your home buyer's loan closes FAST it inevitably guarantees you’ll close in time for the move in date. After all, you don’t want your borrower stuck in a hotel with a moving truck full of furniture waiting for the loan to close. To keep things moving along, your lender of choice should set expectations for the borrower well in advance.  Nobody’s happy when new requests for more documents come in after conditions have initially been met. Your lender should be easy to reach and responsive to any and all questions. The loan documentation shouldn't be complicated. Disclosure packages that can be e-signed and a means for simple electronic document uploading to a secure server can help expedite the application process and should be expected. Lastly, you want to work with a lender who is KNOWLEDGEABLE. Your lender should always be up to speed on all of the changing CFPB and TRID requirements.  A lender who is experienced can help educate your borrower in the process allow the realtor more time sell homes instead of babysitting the process. Ultimately, your business runs best when you are working with partners you TRUST.  The mortgage origination process is a new relationship for your buyer. In any great relationship, trust is based on transparency coupled with clear, consistent communication. Your lender should set proper expectations and communicate frequently from pre-qualification through closing, even if just to tell you that everything is progressing smoothly and according to plan. You and your borrower should never be in the dark.

Is your current lender delivering these essential pillars of a great mortgage experience? National Bank of Commerce is committed to our realtor partners and our results speak for themselves. Call me today and experience the difference we deliver. 

Contact me today!

Tracy Flesch - NMLS#684453

(256) 658-0432 

tflesch@nationalbankofcommerce.com