Real Estate Term of the Day: Lender

Real Estate Term of the Day: Lender

LENDER – general term applied to any party that originates or holds loans (Barron’s Dictionary of Real Estate Terms) 

Below are two great articles that can help you during the lender selection process:

How to Shop for a Mortgage by “Every consumer shops for mortgages and they should. But this is the critical distinction: you should be shopping for the best mortgage advisor. If you have that, you’ll get the best rate. Mortgages are extremely competitive so rates and fees are generally the same with most (established, credible) lending firms.  What’s not the same lender to lender is the loan agent’s ability to: (1) advise properly, (2) analyze borrower and property profiles, and (3) close with no surprises. So shop to find the lender and loan agent you feel most confident can perform on these three things.”

A Look Behind The Curtain: How To Choose A Mortgage Lender by Mark Greene ( “So just how is a consumer supposed to choose a mortgage lender?  What should the decision tree look like?

Start by asking someone close in your universe that has recently gotten a mortgage, see if they can recommend their lender.  Ask a financial adviser, an accountant, your attorney or your realtor to help you with a short list of lender referrals.  These people deal with mortgage lenders regularly and can help you filter that continuum with the greatly disparate expertise and wherewithal and add real confidence to your decision.”