The Best of Lenders, The Worst of Lenders


The Best of Lenders, The Worst of Lenders
By Scott Rogers • March 10, 2008
After (just about) five years in real estate, and many transactions with many lenders, I have finally discovered that with the best of lenders, and with the worst of lenders, the experience for my clients can still be fantastic, or terrible! The root of the problem is the many variables involved with a loan, for example: purchaser's income and credit history loan-to-value ratio loan program requirements appraiser loan underwriter loan closer In the past two weeks I have had two closings, each with a very reputable local lender --- but the buyer experience in each was amazingly different . . . Scenario #1 --- $300k (+/-) purchase, 80% financing, loan application to closing in approximately 14 days, absolutely no issues in the entire process. Amazing! Scenario #2 --- $100k (+/-) purchase, 100% financing, down payment assistance program, loan application to closing in approximately 35 days (even though 21 was promised), an absolute nightmare with more and more, and more documentation and paperwork requested from the loan underwriter and loan closer up until the closing day. Many of my buyer clients ask for recommendations on which lender they should select in order to make it a smooth and successful purchase. I do indeed have lenders that I recommend. However --- even with one of the stellar lenders I recommend, a buyer can have a terrible financing process, as a result of the underwriter, closer, appraiser, program requirements, etc. And . . . even if you don't select one of the lenders that I recommend, you can absolutely have a fantastic financing process. Receive Updates by Email Recent Articles: Is There A Price You WOULD Pay For This House? There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 24, 2024 (unless otherwise noted).
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