What to Expect from a Lender

Here at California Premier Real Estatewe know that what we do is only part of the equation when it comes to getting you into the house of your dreams. Mortgage lenders are an integral part of this process and we definitely tip our hats to them.

But what should you expect from a good mortgage lender? What separates good lenders from bad ones and how can you tell the difference (before it’s too late)?

Here’s a quick breakdown on what you can expect from a lender during the home purchasing process.

Questions Galore

The number one thing you can expect from a mortgage lender is questions… lots of questions.

It only makes sense, right? They are going to float you a big fat check to buy a home they kind of need to know a lot about you. You can expect questions about:

  • Income
  • Debt
  • Down Payment
  • Work history
  • Savings and other assets
  • Purpose of the loan
  • All about the property you’re looking to buy
  • Credit history

A good lender will want to get to know about your financial situation and housing goals as much as possible before issuing you a loan. Beware turn and burn artists who get you in with a low advertised rate and then try to flip you to one that benefits them the most without asking you about what your goals are.

Loan Options

You can expect a multitude of mortgage options to be explained to you by a good lender.

Depending on your credit score and financial situation, you may not qualify for all loan types but a good lender will explain to you why you do or don’t. They will also shop all of the available mortgage programs at their disposal and give their opinion on which one makes the most sense for you.

While it’s in your best interest to get a second opinion and shop around to see if the rates and programs they are offering you are good, a good lender will be open and communicate with you about your options.

Transparent Communication

As much as we all don’t like it, buying a house can be complex and involve enough paperwork to break a mule’s back. But what you can expect from a good lender is to walk you through all of it and answer all of your questions openly and honestly.

There are going to be things that you don’t understand and you should expect enough trust and openness from your lender that you feel comfortable speaking up and asking questions. If you feel rushed or that your concerns and questions aren’t being addressed it might be time to shop around for a new lender.

Need a Good Lender? We Can Help!

If you’re having trouble finding a good lender or have questions about your current arrangement, drop us a line. We’ve worked in this market for years and sold millions of dollars’ worth of properties financed through a multitude of lenders. We know the good ones when we see them!

Give us a call at 510-541-7489 or visit https://calpre.com/today for more information.