I’ve had a few instances recently where a Buyer has gone against my professional opinion and decided to finance their new home with a lender of their choosing because that’s where they currently do their banking or they have a friend who is a lender. Bad idea! Why? As nice as your loyalty is, lenders don’t care and underwriters care even less. Most banks are insanely stingy when it comes to lending money (even if you’ve got great credit). They’ve gotten burnt in this housing market and are losing money hand over fist so don’t be surprised when after you’ve paid for a home inspection, appraisal, etc., you get the big DECLINE.
You can avoid this hassle by giving me some background info into your financial situation and goals. I work in real estate 7 days a week and come with a financial background so I know the right questions to ask and can do the legwork for you to find not only the best deal but also a lender that can get the deal completed. Because even if a lender is offering lower closing costs or a better rate…or is your mother’s cousin’s nephew’s sister, it doesn’t matter if you lose the house you love because of a technicality or the underwriter was simply having a bad day. Most of my preferred lenders are local and offer a great customer service experience too so there is no drawback to using my recommendation…and no, I don’t get a “kickback”.