If you’re a homeowner, you know that your relationship with the lender can make all the difference in the world when it comes to buying a home
If you’re a homeowner, you know that your relationship with the lender can make all the difference in the world when it comes to buying a home. Not only should a lender be attentive to your needs, but a good lender will be responsive even after you’ve closed on the home. For example, if you run into financial difficulties or are temporarily unable to pay your mortgage, you want a lender that will work with you to prevent foreclosure.
So what makes a good lender? We thought the best people to ask were other homeowners and homebuyers. We did a survey asking consumers what they liked and did not like about their lenders. Their answers not only shed some light on their homebuying process, but they provide a blueprint for other homebuyers to follow when they are shopping around for a lender. Listen closely because this is good information.
--Consumers want a lender they can relate to. When homebuyers and homeowners call a lender on the phone, they want to feel comfortable sharing their private financial information or explaining what’s going on in their financial life. They want to feel like the lender is happy to hear from them. They don’t want to be given the runaround, or feel like the lender is annoyed or in a hurry to get off the phone.
--Consumers want a lender who has their backs. Sure lenders make money when you take out a mortgage with them, but homebuyers want their lender to be interested in more than just the bottom line. They want a lender that seems to understand their concerns and will work with them to get the best loan or the lowest interest rate they can get. They also want lenders who will work with them to refinance their mortgage or get a modification if that would benefit the homeowner.
--Consumers want a lender who treats them as more than just a number. Everybody wants to feel special. Homebuyers and homeowners are no different, and they want their lenders to look at their unique situations rather than treating them like every other customer. Consumers want lenders who will spend time talking to them to find out their specific needs and work to meet them.
--Consumers want a lender who gives them options. Homebuyers and homeowners want to have choices when they sit in front of their lender. They don’t want to be given only one course of action; they want to discuss an array of different choices to come up with the best solution for them.
--Consumers want a lender who provides good customer service. Homebuyers and homeowners want to work with people who are responsive to them. That means, if a mortgage counselor says he is going to call you back he actually does. If a homeowner applies for a loan modification, he or she expects to have something back within a 30-day period. Consumers definitely don’t want to deal with anybody that sounds like they’ve got an attitude on the phone.
The key to success is information. Whether you’re looking for mortgage help or a modification, take this advice from other homebuyers and homeowners and choose a lender who considers your interests as well as their own.