Okay, financially speaking, the world is a bit scary right now. Banks are closing and being absorbed. I am reading about people pulling money out of their banks (and putting it under their mattresses essentially). Our whole economic system is morphing into something new.
That being said, people (lots of people) are still buying houses. There are amazing bargains to be found. But, how do you find a good lender? One that is less likely to be absorbed or leave you high and dry…
Here are my top 5 suggestions for finding a good lender:
1) Ask about the lenders volume. A good lender is dealing in $100Million a month or more range.
2) Ask about the length of time the lender has been in business.
3) Who do they partner with or who owns the lending company? Do those partners appear strong, do you know the names of those companies?
4) What kind of education does the individual lender have?
5) Has the lending institution ever done sub prime lending?
And, of course, your realtor should be able to guide you to a great lender!