Homebuyers have many options when selecting their mortgage lender. The

lowest price or best terms are not the only considerations. The key ingredients

are interest rate, terms, AND service. Use the following tips to guide

your selection:

1. Get the rate and terms in writing. It is easy to quote a good rate to

capture your loan. If you don’t get it in writing, the quote could change.

This is particularly true of lenders found over the Internet. If the lender

cannot give you the quote in writing, steer clear.

2. Share your main mortgage goals with the lender, who should then offer

suggestions on mortgages that will accomplish your goals. If the lender

does not offer counseling, their service is below par.

3. Predict lender accessibility during loan processing. Ask how the loan

will be processed and who will be available to answer your questions.

Ask for a direct line. If the lender resists, you and your agent may have

difficulty reaching them when you need them.

4. Verify lender accessibility. Get a call back number and make a call to

see if and how long it takes for the lender to get back to you. If they are

hard to reach now, it may be even harder once they have your business.

5. Ask about his processing support. If the lender does their own

processing along with taking loan applications and prospecting for new

business, they may be too busy to take care of your loan.

6. Confirm processing time. If the lender cannot promise a date, then you

may not be able to conform to your contract.

Ask your agent for lenders they have worked with who give competitive rates

and terms AND great service.
 

This information is brought to you by the Texas Association of REALTORS® as part of its Graduate REALTOR® Institute

(GRI) curriculum. Whenever you buy, sell, or lease real estate, make sure your agent is a REALTOR®.

© 2005 by the Texas Association of REALTORS®. All rights reserved.