I have been spending quite a bit of time lately harassing lenders and getting them to make it happen on several of my clients' loans. It has been an exercise in banging my head against the wall and has put my buyers at risk of not being able close on their purchase.
As a buyer, some things to look out for in choosing a lender.
1. Make sure they are local, or at the very least the loan officer/broker is local. Local lenders/brokers have some skin in the game where they are looking to grow their referral business with local real estate agents and attorneys. Lenders from out of state look at the transaction as a one-time deal and have little motivation other than a paycheck.
2. Get an idea of the closing costs prior to signing your P&S if they can't give you a rough idea, move on.
3. Get a recommendation from your real estate agent or from an attorney. We are the best reference because we handle the back-end of the deal and know whether or not they are hustling to get it done. Most buyers are blissfully unaware that the attorney or agent has had to hound a lender to get things done.
4. And lastly, the addage you get what you pay for holds true.
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