What criteria do you use when deciding which lender to work with?

Question

Hello, I'm looking for a questionnaire to aske potential lenders to streamline the process of finding out lending requirements. What process are or have you used to create this?

Ned Carey · Answer

My number one criteria is will they lend to me.

That may sound like a wise A$$ answer but it is important that the lender makes the type of loan you need. Perhaps the most common example is trying to get a loan in an LLC from a lender that does not do commercial loans.

Jay Hinrichs · Answer

one thing I like to recommend if your new starting out looking for HML.

go to Lendinghome.com I don't know if they lend in your market.. but what they have is a very well done pricing matrix

you don't need to talk to anyone its on the website.

it shows their pricing given your experience level how much you can put down.. and maybe fico score..

you can read through that figure out where you fall in and get a base line on what rates are out there.. now keep in mind West coast rates are lower than east coast rates generally speaking.

so most of these direct larger lenders you simply make application on line.. and go from there.

Also be very careful of all the FAUX lenders out there these days that tell you what you want to hear and ask for up front money 99% of the time they are just common variety internet thieves masquerading as lenders.

Although I do think Lendinghome might charge a one time fee of 199.00 . But they are for real..

What criteria do you use when deciding which lender to work with?

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