Choosing Lender - 1st Time Home Buyer
September 17, 2012 9:34 AM Subscribe
My agent asked me to select a lender I want to work with to get the loan process kickstarted. She feels we're getting close to get an approval from the second lender (the first lender already approved) on a short sale single family home and wants to get my file processed and ready by the lender of my choice.
I'm struggling a bit with the criteria as they seem to combine both hard numbers (interest rate, fees) and less quantifiable matters like how to I feel working with a certain lender etc.
Appreciate your advice on a no-nonsense criteria and how to best choose / compare lenders.
posted by Michal to Home & Garden (5 answers total) 4 users marked this as a favorite
Below is a list of questions I've compiled from various forums so far - anything else I should ask the lender?
1 interest rate (preferably APR) including mortgage insurance (we pay 10% down)
2 closing cost
3 escrow closing time
4 two/three referrals from current clients
5 how many years of experience do you have? How many loans have you serviced in the past year?