When buying a house, building your team is the first step. You want to hire people who are qualified, experienced and are a good personality fit for you personally.
Questions to ask your Mortgage Lender
Getting a good mortgage is important, but equally important is the actual mortgage broker you decide to add to your team. Interview a few mortgage brokers, ask about the loan programs available, and also ask these three questions:
1. What is your experience in Mortgage lending and Real Estate?
You want a mortgage lender that has at least 3 years experience or is supported by a team leader who does. Sometimes difficult situations can come up and you want a team that knows what to do immediately to ensure the transaction goes smoothly.
2. Why should I hire you as my mortgage lender?
Listen to what the lender says here and watch their reaction. You want a lender who is confident in their skill set and can easily explain what sets them apart from other lenders. Very often, the lender gets on the phone with the Listing Agent (who represents the seller) and explains why your financing is solid. Make sure they have the confidence to sell themselves, this will ensure they have the confidence to sell you.
3. What is one of your favorite transactions you've ever worked on?
This question is just to get an idea of their personality. This is asking a personal story from their career and gives you insight on what they value and how they work. Do they thrive with challenges? Do they love working with young families? There is no right or wrong on this one, you are simply looking for a personality fit that works with you, your family, and your goals.
Building your Real Estate team is one of the most important steps toward homeownership. The 2 key players are your Real Estate Broker and your Mortgage Lender. Contact me directly for a few referrals to mortgage lenders in the area.
Davey Wilde | Real Estate Broker