During many transactions there are always a few different areas that will make the closing process a nightmare. The single one category that has made my clients purchasing a home miserable is not the seller's counter offers, not problems reported during the home or pest inspection, not being able to cover closing costs. The one item that creates the most problems before closing is the loan process. When I meet with a new client we'll sit down and review what type of house they want to buy and the monthly payment they desire to help create a criteria to find the right home for them. Then comes the question about if they are prequalified and if so with which lender and loan officer. What comes next is at times worrysome. It's when my client's say they been preapproved online or the loan officer is a friend of the family or they found the loan officer browsing through the internet. I'll take this opportunity to explain how important it is to have a good loan officer who can make things happen when it counts. Your loan officer should closely review your background while getting preapproved. All possible sources of amiguity should be resolved during the preapproval process. Then when your offer has been accepted and the loan is being reviewed by the underwriter for full approval your loan officer will not come back and ask for new documents or bring up possible problems that may stop you from buying your dream home.
Although it is important to select a good lender, it is the loan officer that will make getting the loan a smooth process or a living nightmare. There are three or four loan officers that I will refer to my clients. One of my criteria is that the lender is a direct lender not a broker. A broker will go out and look for a lending institution and get the loan from a secondary source. Because the loan is being approved external to the broker's office they have little control over the loan approval timeframe. A direct lender loans the money through their institution and will have the entire loan approval process completed in their office or by underwriters located at a central office. It's the loan officer who is not afraid of telling you of possible problems at the beginning of the process that will make getting the loan less stressful .
So when selecting a lending institution for your loan, get a referal from some one who has already had the experience working with the loan officer. Or ask your Realtor for a referal, it is best to choose the loan officer who will work hard for you at the beginning so the loan process is not a problem when buying your dream house.
For questions regarding preapproval and preferred lending institutions please contact me via email or you can call:
David Soldwisch
PMZ Real Estate
Lic: 01860247
(209) 612- 7737
dsoldwisch@pmz.com
