Just like how your choice in Realtor is key to success, so is your choice of lender. They are your partners and should be comfortable answering these questions or you’d better look for greener pastures.1. How do you get paid?
Some make a regular salary, others make money on selling your loan. Mortgage Bankers and Brokers here in Casper are all around the same cost but vary greatly on services and follow ups. Both ways have pros and cons. It is more important you trust your lender than how they get paid but how they answer will show you fast if they are upfront even under pressure. Good follow up questions are, “What percentage of your business comes from repeat or referral business? And “How long have you been originating loans?”2. Can you go over a Good Faith Estimate?
This is a breakdown of either a sample or your purchase that covers everything—including lender fees, inspection charges, appraisal… Read More