However unreasonable, I expect perfection from lenders!


However unreasonable, I expect perfection from lenders!
By Scott Rogers • January 19, 2009
Buying a home is a big deal, and a huge part of the process is finding and securing financing for that purchase. Thus, it is essential that your lender does their job extremely well. If a lender does a great job on 99 loans out of 100, that doesn't make it any better for that 100th buyer who has a terrible experience. One of my clients is to close on their new home tomorrow morning (Jan 20, 2009) at 9:00 a.m. On Friday afternoon/evening (the last business day before the 9:00 a.m. closing, because today is a holiday), she received a phone call indicating that there were a few minor changes on her loan: She was to receive 95% financing, and thus was preparing to bring a cashier's check for 5% of the purchase price, plus closing costs. The first change was that she would now only be able to borrow 90%, and thus would need to nearly double the amount of money she was bringing to closing. Again --- this is on the last business day prior to the closing. Since the amount being financed was being changed, the interest rate also had to change --- and the new rate was higher than the interest rate promised throughout the lending process. Neither of these changes had anything to do with the purchaser --- her situation hadn't changed --- the lender had some reasons / explanations / excuses for it, but obviously, these are the types of last minute phone calls a buyer never want to receive. Many buyers ask for my recommendations for a lender, and I now have one fewer that I will recommend -- at least for now. The lenders I recommend to my buyer clients are those who: have many different loan programs have competitive rates on those programs over time provide a smooth, fast, easy process for buyers deliver excellent service, over and over and over again There are many great lenders in this area who meet the criteria above --- choose wisely! Receive Updates by Email Recent Articles: 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 Consider The Cost Of Your Planned Renovations When Planning Your Offer
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 22, 2024 (unless otherwise noted).
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