How do I choose a mortgage lender?

The lender is one of the most important parts of your transaction right after your choice of the right Realtor (the Durango Home Team Real Estate Professionals).

Experience is a must. There is also a certain amount of creativity needed. There is basic knowledge required but since every transaction is different it takes the ability to be flexible.

Having someone who can communicate will preserve your sanity. Be sure that the lender you chose listens to you and your concerns.

The market is extremely odd right now. We recently had a client who was putting $200k down on a $400k house and the mortgage lender couldn’t make it work because he wasn’t creative enough.

The client had chosen to work with the company who held his current mortgage. Six weeks later the lender still had not performed. The lender also would not communicate anyone in the transaction, and the result was the buyer lost the house of his dreams. He did ultimately get a different home but with owner financing just to get moving and then refinance in a few months.

We bring this up just to illustrate how tight the lending practices are.

This is another time when it is good to ask friends and you agent for referrals.

Interview the lender and see how comfortable you feel with their answers. Also see how quickly they return your calls.

If they are too busy to call you back in the beginning, it will only get worse.

There is nothing more beautiful than the phrase” you are clear to close.”

A little extra research in the beginning can get you to that goal with less frustration.

About dura3215

Over 60 years combined experience in all phases of Real Estate with 7 years specific to Durango Colorado.