Choosing a Lender- Stop and Think...
Twenty-one percent of customers purchasing a home regret their choice of a lender, according to the J.D. Power 2016 U.S. Primary Mortgage Origination Satisfaction Study, based on responses from more than 5,000 consumers. When it comes to first-time buyers, 27 percent say they regret their choice.
I have had a lot of experience with this topic. Some good and some bad. I feel that the number 1 reason this can be a bad experience is choosing a lender based on a savings of a minimal gain. So many of them these days offer up " No Closing Costs, or other perks to get you to go with them. Once you have chosen to go with that lender, most feel they are committed and will see it through with them.
The situations where I see this go bad always have one of the following things happening. If you have these things happening to you, you should seriously take a hard look if the money you saved is worth it.
1. Communication - Do they keep you informed on a regular basis or are you constantly having to track them down and leave messages for answers?
2. Delays - Delays can be costly to everyone involved and cause ill will between the sellers, title company and others. If you have not brought on any unexpected surprises but your loan is still being delayed, bad sign.
3. Fees - If you are hit with ANY fees not previously discussed with you in detail, you are with the wrong lender. This is an extremely competitive business and your lender should treat your loan like its important to their company. Because..... it is!!