When you are getting ready to enter the market, there is so much to prepare for. Something that a buyer may not always realize is when it comes to finding a lender that suits your needs and goals, your best bet is to treat this process like a job interview. It’s not a “one size fits all” situation. Because of this, here are some questions to ask when interviewing potential lenders to help with the buying process.
First, ask what the cost is of working with them or their company. Every lender's fee can vary drastically, so it’s important to know upfront where your dollars are going. It’s also important to ask about their appraisers and appraisal panel. Ask them if they’re local or national because local appraisers have a more in-depth, timely knowledge of the market, making them a great resource for information. National appraisers are still able to get the job done, however, using someone local who is familiar with the local market dynamics is the best option.
Next, ask them how long they have been in the industry. If your loan officer is new to the business, but you enjoy the way they interviewed, ensure that they have an exceptional team to back them up and assist where help is needed. Nobody can learn without experience, so this is an important aspect to look at.
You should also ask what loan programs they offer and if they will provide different loan options based on unique qualifications. This can sometimes get overlooked, but depending on where you are financially and what you do for a living, there may be special offerings or programs that can help you save some money along the way.
Lastly, you should always ask if you can continue to reach out after the closing with questions about your loan. There are always questions that come up after the closing, so it’s important to know that whoever you choose to work with will still be around to answer those after you’ve left the closing table.
If you’re working locally with a Realtor, that person can typically guide you toward a great lender, but it’s always good to be prepared with your own set of questions to ask as well.
Lila McCann is a Realtor with MW Real Estate in East Nashville. Lila is the 2023 Chair for the Housing Opportunities and Affordability Committee with Greater Nashville Realtors and currently serves on the Board of Directors for Daybreak Arts.
