Shopping for a lender can seem like a daunting task, but the good news is that you probably already have the tools necessary to make a great choice. The mortgage industry is a service-based business, so the best and most productive way to start your search is to ask the people around you about their experiences with mortgage professionals. This advice applies to anyone in need of a lender, but it is especially important for those who have recently divorced. Here, timing is often critical and the need for financial understanding is greater than ever. When reaching out to those around you, dig deep and ask specific questions. Here are a few to start with:
- How was the customer service?
- Did the timeframe from application to closing meet their expectations?
- Were their questions answered?
- Did they feel confident and secure in their lender?
- Did their lender communicate with them effectively?
When shopping for a lender, the tendency is to shop for the best interest rate rather than the best experience. Interest rates are an important component of the process, but remember that rates are competitive across lenders and they fluctuate based on factors outside of the lenders’ individual control. A perfectly quoted interest rate during your initial consultation will not tell you if your lender will return your calls, if your documents are being stored in a secure location, or if your closing costs are reasonable. Also, keep in mind that interest rates change.
As a client looking to make a big, financially impactful decision, the experience you have with your lender truly matters. Using a lender that you’re comfortable with will make a huge difference in this already complicated process.
Madison Jones | Mortgage Consultant
Parlay Mortgage & Property, Inc. | 16612 W. 159th Street, Suite 201 | Lockport, IL 60441
Corporate NMLS # 218753 |IL License # MB.6760430 | IN License # 218753
Office: 815-838-6613 | Fax: 815-838-6614 | Cell: 815-630-9730 |
This blog post has been brought to you by Parlay Mortgage & Property, Inc. Parlay Mortgage is a local mortgage lender in Lockport, Illinois. We are licensed in Illinois and Indiana, offering loans for both purchases and refinances. Any questions or concerns regarding rebuilding your financial and domestic affairs after divorce can be directed to our office.
This is a legal advertisement from Sterk Family Law Group. It does not constitute legal advice and should not be construed as such. This article is for informational and educational purposes only.