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Bob Schwartz
San Diego
real estate broker
Certified
Residential Specialist
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Choosing a Lender
Selecting a lender is a very important part of the process of re-financing a
home. Realizing the different re-financing options and knowing how each of
these options work is very important but none of this matters at all if the
homeowner is unable to find a lender who is willing to offer them the rates
and terms they are seeking. Choosing a lender can be a long and difficult
process but there are some ways to make it easier. One simple way to make it
easier is to ask for advice from friends or family members who recently
re-financed. Additionally, homeowners can do their own research to determine
which lenders are able to offer them the best rate. Finally the homeowner
should determine whether or not the finances should be the governing factor
in choosing a lender. Surprisingly enough, in most cases it is not.
Ask for Advice from Friends and Family Members
Friends and family members who only just refinanced can be a homeowner’s
most valuable resource in the process of selecting a lender. These friends
and family members are so valuable because they will most likely be willing
to offer you a quite candid opinion of the lender they used. This opinion
may be either positive or negative but in either case it is useful to the
homeowner. If the opinion is negative the homeowner can remove this lender
from their list of lenders to consider. Conversely if the lender comes
highly recommended, the homeowner may consider this lender more carefully.
Comparison Shop
Homeowners who want to know which lender is putting forth the best interest
rate and financial terms should do lots of comparison shopping. The
homeowner may even consider requesting quotes from each and every lender.
This should make it perfectly clear which lenders are willing to offer the
homeowner more favorable rates. When comparing these quotes all of the
factors should be considered to ensure the quotes are being compared fairly.
For example each quote should be broken down to determine the monthly
savings, total savings, etc. All of this statistical data will make it much
easier for the homeowner to make a wise decision when the time comes.
Consider More than Finances
In the end, while interest rates, loan terms and other financial matters are
all surely important none of these are more important than being treated
honestly by the lender. For this reason, the homeowner should carefully
consider all of their lenders and should determine whether or not they feel
as though the lender is responsive to his needs. For example, a lender who
does not return calls in a timely fashion or answer questions truthfully and
accurately may not be the ideal lender for a homeowner even if he is the
lender who is offering the most favorable rates.
Additionally, homeowners should trust their instincts regarding their trust
in the lender. Some lenders plainly do not appear to know what they are
talking about. Homeowners might be inclined to avoid these individuals
because they may end up doing more harm than good during the re-financing
process. Conversely some homeowners may be immediately impressed by the
honesty and intelligence of another lender. In most cases, the homeowner
would likely choose the second lender as long as the rates offered by each
lender were comparable.
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