Choosing a Lender
Selecting a lender is a very essential part of the process of
re-financing a home. Being aware of 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 freshly refinanced can be a homeowner’s
most percious 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 offering them the best
interest rate and financial terms should do a lot 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
Lastly, 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.
Also, homeowners should trust their instincts concerning 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.
ABOUT THE AUTHOR
Bob Schwartz, is a Certified Residential
Specialist, CA licensed real estate broker with
www.Brokerforyou.com. Bob
has over 27 years of residential real estate experience, authored a
number of published articles and served as an expert witness for
San Diego lawyers. You can contact
Bob via e-mail at bob@brokerforyou.com or visit his highly popular
San Diego real estate website at:
http://www.brokerforyou.com
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