How to interview a lender...

3 Replies

Hello BP fam!

My wife and I own separate properties on our own and are looking to purchase our first property together.

We are in the process of searching for a lender to get pre-approved for a loan and was wondering what questions should we ask lenders to find one that best fits us.

I just listened to a podcast that suggest we should flip the script and rather than just be so quick to hand over bank statements, tax returns, pay stubs, etc., we should interview lenders and try to make them want to give us the loan.

Any advice would be greatly appreciated!

Absolutely!  You should take your list of needs and demands (rate, term, fee?) and start with making sure the lender can meet those needs or at least verify if they'll consider your desires as important.  From there, a good lender will educate you on what portion of your needs fit guidelines and best practices and what of your needs cannot be met by them or anyone else simply due to the guidelines in play.

PM me to connect if you like!

Ask to hear about or see similar loans that they have closed to the type that you are looking to do.  Anyone mortgage broker/ lender can say that it's in their wheelhouse but, try to get some proof if you are going to that person cold.