There are many good mortgage lenders out there, so how does a client know if they are working with a great mortgage lender? Sure, the job is ultimately to get a home loan, but it’s how a mortgage lender goes about the process that makes them stand out from the rest. Here are four qualities that a great mortgage lender exhibits for their clients.
A high caliber, great mortgage lender will…
One of the best ways to learn about a person is to ask questions. It’s nearly impossible to provide a mortgage quote for a client if the lender doesn’t know anything about the client. A great mortgage lender will ask about credit history, employment and how long the client plans to own the home. A great lender will then take the answers and produce a couple of options for the client telling them the pros and cons of each option. Additionally, a great mortgage lender will inquire about the client personally so they build trust that leads to a strong relationship. In contrast, a mediocre lender will give the client generic options that the client may or may not even be eligible for given their credit history, employment, etc.
A great mortgage lender frequently communicates with their client. The client should never wonder what step of the process they are in, and wonder the status is. A mediocre lender will communicate with the client when things are bad or they need something from the client, but a great lender will communicate when things are going well too. In addition, a great lender will thoroughly explain and communicate the expectations for the client in each piece of documentation they are providing. But if the client does have a question, a great lender will reply promptly, moving the process right along. The client should feel comfortable that if they leave a message for the lender the lender will get back to them right away. The client should also feel comfortable texting the lender if they have a question. Great mortgage lenders know that their reputation is their biggest asset, so they will go above and beyond to make sure the client is in the know.
Problem Solves and Closes On Time
More often than not, there will be at least one hiccup in the home loan process. Maybe the client provides the incorrect bank statement, maybe the driver’s license is expired. Whatever the issue is, a great lender will find a solution, explain what they need of the client, when they need it, and why it’s important. The last thing a client wants to hear is “we can’t help you” from a lender. Additionally, if there is a sudden dip in the client’s credit score and it’s due to an error, a great lender will help you do a rapid re-score to help you sort it out. Failing to close on time can be costly for the client, and could result in a higher interest rate for the client. Remember, a win for the client is a win for the lender. It’s truly a team effort.
Works in The Client’s Comfort Zone
A great mortgage lender will tell the client what they’re approved for but will also ask what the client WANTS to spend. Just because a client is approved for a $500,000 loan, doesn’t mean they necessarily want to go that direction. A great lender will listen to the client’s concerns with going with the highest loan amount and will help advise them toward a solution since they’ve likely seen this situation before. Conversely, a mediocre lender may push the client toward a higher loan amount, because they don’t understand the long term value of a highly satisfied customer. The highest priority of a great lender is that they work with the client to find the best solution, and that they client is fully satisfied with this solution.
The Fornerette Team at Guild Mortgage Tacoma Branch is committed to providing our clients with the highest level of service. Our mission and passion is to work with home buyers to fulfill the dream of home ownership. We build lasting relationships that create value and stand the test of time.