As a buyer, you have the freedom to choose the team of professionals that you will work with. When it comes time to choose your lender, it's important to feel like you can trust them and that they know their sh*t because they will be there for you throughout the entire transaction. Here's the 5 questions to ask when interviewing lenders:
1. What is your preferred method of communication and regular availability like?
Does your lender prefer to email you, call you or text you? Are they available over the weekend if you find a home you want to make an offer on to run some numbers for you? It's important to make sure your lender is available to be there for you when you're out shopping and that their communication style matches yours.
2. Will you strategize with me if I'm not approved at this moment in order to get pre-approved in the future?
It's okay if you don't meet the cut right this second in order to qualify - make sure that your lender will help you come up with a plan to get you there, rather than drop you that second because you're not ready to buy. Some of my buyers have strategized with their lenders for 2-3 years before being ready. Make sure that the lender you choose is going to have your back for the long run.
3. How will you show me potential payments for a property before I submit an offer?
If you don't know how much the home costs in terms of monthly payment, you can't make an educated decision as to whether you should put in an offer or not. Your lender should be showing you payment scenarios before you submit an offer as to not waste your time, your agents time nor the seller's time; think about it, if you submit an offer on a house you reallllllly liked, but it wound up being $100-200/mo more than you were expecting/hoping, it would make you reconsider.
4. How do you deal with problems when they arise?
Knowing if your lender is ready to be creative if needed is always comforting. While we all hope that problems don't arise, they might - so how do they handle them if they do? You want to know that your lender has access to their managers to get help from the big bosses if needed, can be strategic and creative and can help you come up with a solution.
5. If I opt for a new build and their lender offers me an incentive, will you be able to match it?
Most builders have a partnership with an "in house" lender - these lenders will offer you an incentive to work with them rather than an outside lender, sometimes of $2,500+ off closing costs, some offer interest rate buy downs, etc - before you ditch your preferred lender, ask them if they are able to match the incentive offered to you. You'd be surprised, sometimes they can and you don't have to give up working with someone you trust.
There are plenty of other questions to ask your lender but these are the top 5 I'd ask when interviewing lenders as a home buyer. If you need a great lender in northern Nevada, click here to check out my buyer resources page to see my list of recommended professionals.