The Importance of a Quality Lender

"The rich rule over the poor, and the borrower is servant to the lender." - Psalm 22:7

The end of the month brings a flurry of activity here at the office.  The phone calls increase, the agents get a little more harried, and the closing attorneys book up their calendars.  As the "end-of-the-month" rush nears, I do a lot of double-checking...with the attorneys to make sure they complete the title work, with the buyers and sellers to verify their final closing information, and with the lenders to confirm that the entire deal is going to make it and make it on time!  With that in mind, I wanted to tell you how important it is to choose a quality (preferably local) mortgage lender. 

My recommendation is always to choose a local lender that has been recommended to you by a fellow professional (i.e. a trustworthy REALTOR).  I can tell you from personal experience as the closing coordinator that when problems arise in the loan process, the majority of the time it involves a non-local lender.  Not always, but the majority of the time.  Trust me, I have been amazed at some of the larger mortgage companies that have been able to pull off a very quick turnaround, so I am not saying it's outside the realm of possibility.  But, it is extremely reassuring to be able to meet with the loan originator, look them directly in the eye, and get the facts. 

Also, when you use a local lender, they know that their reputation is on the line because they do business in this area week-in and week-out.  They have a stake in the transaction not only for your benefit but for their own...so that they can continue to grow their business.  Locals also tend to communicate more effectively with everyone involved: the client, the attorney, and the real estate agents. 

For a smoother transaction and a few less wrinkles from stress - use a local mortgage lender.  If you need any recommendations of great lenders, I'd be glad to give you a few!