Rod Sager
Many home seekers find themselves overwhelmed when searching for a home in this diverse market.There are many short sales, bank owned and government owned properties mixed in with traditional sellers. I find that often home buyers have really not given enough thought to the financing of the home and who will handle that part of the transaction.
For most buyers, the loan is a critical component to make the purchase possible. There are many lenders, banks, credit unions, mortgage companies, etc. It does not matter much which entity you choose as much as the individual originating that loan. I would estimate that two thirds of failed real estate transactions, fall apart because of financing issues. When a loan crashes, often the would be buyer has spent upwards of $1000 on an inspection and appraisal and that money is non-refundable.
When consulting with a loan officer, whether it be a bank, credit union, or mortgage company, a buyer should interview the loan officer. A buyer should ask how much experience they have originating the type of loan they are applying for. FHA and VA loans are more complex than standard conventional loans. Their are many special loan programs that an experienced loan officer may be able to recommend.
The ability to get the loan closed on time is paramount to a successful real estate transaction and can save hundreds and sometime even thousands of dollars. Loans can often encounter problems during the underwriting process that an experienced and thorough loan officer can anticipate and mitgate with minimal impact on the buyer's transaction.
Buyers should ask their trusted Realtor® who they have had success closing loans with and give strong consideration to the individual. The name of the company is often not as important as the person representing the company and ultimately the buyer.
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