What to look out for when shopping for a lender

[Erik Estrada]

I see this come up on the forums from time to time and as a mortgage broker myself here are the strategies I implement to work with great lenders

1. Reputation 

Most lenders that I work with have excellent and honest reviews on Google. I have worked with some with no reviews however it's a hit or miss -- see next point. 

2. They honestly know what they are doing

The true way to know if someone is reputable is if they know their guidelines, can call you out if you are being unrealistic, and are quick to kill a deal rather than piece gum together and see if it will pass. At this point it does not matter if they have a presence on google or not as I trust their ability to sift through all the BS. 

3. They work overtime 

Good lenders are passionate about what they do, even if it means taking a quick call (with reason) on the weekends or holiday. Everyone knows, time is very important in ensuring a good closing. 

4. Resourceful 

Being a lender is tough. You are competing with thousands of other lenders that do the same loan as you and can charge less with an attractive rate. Do not compete on price. A good lender that knows their guidelines and will be able to assist you in deals that may not work with majority of lenders. The last thing you want to do is push something in and get it declined due to an unforeseen guideline. A lender that can navigate will be a huge resource to you. 

Hope this helps!