I was recently asked to weigh in on the ways in which a buyer can find a mortgage lender who is a good fit for them.
First, understand that it boils down to enlisting the services of someone you feel you can trust and that you’re comfortable with at this momentous decision point in your life. There’s no shortage of lender institutions you could go with, though, here in Oahu: We have credit unions, banks, mortgage bankers, mortgage brokers, etc. So keep all of these options in mind.
But when selecting a lender, the best course of action is to make your choice based on a referral. This could be through a family member, a friend, or an agent you trust. Having worked with plenty of lenders myself, I’d love to speak with you individually and discuss who or what service might be best for you.
Of course, you can take your search online and do some price comparisons with the trove of lenders you’ll find there if it suits you.
No matter how you go about the selection process, there are four questions you’ll want to ask a potential lender before accepting their business:
1. How long have they been in Hawaii and the lending industry? Lenders that have lived and worked in Hawaii for any length of time know the geographically-based complications here when it comes to loans, namely with condos. A lender whose focus has been more on the mainland will likely not be as savvy with these complications. So first, find out whether or not they’ve been operating in Hawaii for a number of years.
2. What will my closing costs be? You won’t get hard numbers just yet. But consider this to be your potential lender’s audition to prove that they can effectively articulate what costs you’ll incur as far as interest rates, fees, points, etc. Knowing this will be a big step toward making your pick.
3. What type of loan products do they have? It’ll be advantageous for you to find out what types of loans the potential lender carries, and then identify what loan type you’re looking to apply for—whether they be conventional loans, portfolio loans, FHA loans, or a specialty loan.
4. What can you expect in the process? Being comfortable with the answer to this question along with feeling confident that throughout the process, your potential lender will expertly communicate, listen, and educate should help make your decision a whole lot easier.
It’d be my pleasure to answer any further questions you have or give you a high-quality recommendation, so don’t hesitate to give me a call or send me an email today.