What You Should Look For In A Lender
Buying a home is the biggest investment most people will make in their lives. You want a Lender that is a right match for you. This person is an important part of your home buying team. And you should feel like you have a team if you don’t, you should think twice about whom you’re working with.
As a Lender, we here at 1st Alliance have strong feelings about this. We also have a track record of setting people up for success and truly partnering with our homebuyers for the entire life of the loan. We think that level of personal attention matters, so that’s the commitment we make. But wherever you choose to go, you should:
Make a “Short List”
This means you gather referrals from those you trust. You’ll want to go to two sources for this:
If any of your friends or family has gotten a mortgage recently, ask them if they would recommend their lender.
Accountants, financial advisors, realtors, and attorneys are all people who deal with mortgage lenders on a regular basis. Ask yours which lenders they would recommend.
Look for the virtual fine print
Searching the internet for a lender is a fast way to get information. Just make sure you’re getting all the information you need. For example, when you see advertisements for a deal that interests you, look for any qualification requirements, fees, points or lock-in periods.
What are others saying?
The Better Business Bureau (BBB) is an excellent and trusted resource. Here is the BBB link for 1st Alliance Lending
The NMLS Consumer Access is a free service that lets consumers verify that a financial services company is authorized to conduct business in their state: check out this link: (http://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/2819)
Professional rankings are another good source. Here is the Hartford Courant ranking for 1st Alliance Lending.
When you first start speaking with lenders on the phone, the deals will probably all sound great. It’s a good idea to take notes and ask them to email you details. Remember, three days after you’ve submitted a competed application, you should get a Good Faith Estimate (GFE.) A GFE is the best estimate of all fees and costs involved for a particular loan. The 3-day period is the law.