Hints for Working with Mortgage Lenders

  1. It is best to let lenders know that you are shopping your loan. Competition leads to consumers best values.
  2. Ask for a printout of the Good Faith Estimate from  each lender so you can compare them side-by-side on your own time.
  3. Always be thorough with your loan officer. Tell him everything you know about your financial situation. Through the verification process he will sooner or later gain access to all of the financial information pertaining to you. Your loan officer can help with most blemishes if he is given enough time. A few days before closing is a bad time for your loan officer to find negative history that may take some time to resolve.
  4. There are serious potential problems of working with an uninformed, inexperienced loan officer, including delayed closing or being unable to close resulting in:
    1. Disruption to your moving schedule
    2. The lost opportunity of purchasing that particular home 
    3. Money lost for appraisal, inspections, credit reports, etc. and possibly your earnest money
    4. Closing with a higher interest rate and/or increased down payment
    5. Tremendous stress, wasted time and energy for you and your family

BEST ADVICE: Pick your loan officer carefully. Often times your Buyer's Agent can make suggestions of lenders with strong reputations with their own past clients. Then let your loan officer know everything good and bad about your financial situation. If your lender is surprised with negative information, it may be too late to get you into the most acceptable lending options for your situation.

Buyer Orientation Pages

Information herein believed to be accurate but not warranted.

Atlanta Communities