Home Loan Shopping & When To Do It

I'm working on closing an escrow right now. All was going along smoothly until the Buyer changed his lender to get a better interest rate.

I'm all for finding the best rate, but there is a time to do it. And, it's BEFORE you open escrow!

There are a ton of lenders out there, tons I tell you. We, listing agents, always prefer to have a buyer present an offer with a local lender that we've done business with. One that we know their track record. One that we trust. It's part of the puzzle when an offer is presented.

What's written on paper is important, but the agent that is represented by the buyer, and the lender, play a huge role.

If you are looking at buying a home, a trusted Realtor will be happy to refer a couple of their preferred lenders to you. Reach out to them, or any others, and determine who has the best rates, terms, costs, and who you feel confident in working with.

But, once you submit that offer? Don't change lenders. Do your due diligence well before you submit an offer. It'll save everyone a lot of headache.

We're all busy, we all want to save a few bucks on a monthly mortgage. But, if you haven't taken the time to 'shop' for the best rate and terms before you get an offer accepted......you're playing a dangerous game that can lead to additional costs just to get escrow closed.

Food for thought today. Food for thought. And, one more morsel for ya.....don't let your credit report be run frequently. Ask one of your lenders their opinion on that one!