The lending process is competitive and complex. Sadly, some home-buyers don’t realize just how important choosing a lender, they won’t regret later, is. However, shopping for a loan, and the time spent to do so, can result in satisfaction with your choice.

The Wall Street Journal said that 21% of buyers later regret their decision to use that lender. In fact, it was even worse with first-time buyers – 29% regretted their choice. Therefore, it’s worth the time and effort spent to shop for a loan. Consider the following tips for lender satisfaction.

Tips for Lender Satisfaction

As the Journal stated, you don’t have to settle when choosing your lender. First, plan ahead and consider your options prior to looking at homes. Just as when shopping for a high priced item, take the time to get multiple quotes. While we’re at it, friends and family members sometimes recommend a lender to buyers. It’s important to avoid going on their referral only.

Even though your agent may know of some great lenders in the areas, you need to check out the lender’s reputation yourself. Check out independent rating agencies and online reviews. Then you’re in a better positon to make your decision.

NerdWallet.com

NerdWallet.com offers the following five tips to get buyers started in their mortgage process:

https://www.nerdwallet.com/blog/mortgages/5-tips-finding-mortgage-lender/#5tips

These tips include checking your credit and repairing it when necessary, comparing rates, and questions to ask potential lenders. Something the article mentions that can’t be ignored is reading the fine print. Please, if you ignore all of the good advice in this article, don’t ignore that great piece of advice.

More Tips

Additionally, FHALoanPros.com  offers great information in its article “Top 12 Warning Signs of a Predatory Lender.” Again, please pay attention to this article, as it could save you from a lending disaster. Some of the points they want you to take seriously are:

1.    Don’t allow yourself to be pressured to borrow more than is necessary.

2.    Don’t make false statements – you shouldn’t be pressured to do so.

3.    Ask for disclosures.

4.    Don’t’ sign blank documents.

5.    Can you afford this home?

This post is well worth reading, as there are many other good points that, if followed, can result in lender satisfaction.

Are you looking for a good lender in our area? Contact me, and I’d be happy to offer you some referrals. Then, you can use the great tips in this article to find a lender you’re happy with.