Faster Is NOT Always Better

Better.Com is trying to make you think so! It's a mortgage company that's been around for almost a decade. It's had some scandal. Fired 900 employees during covid on a Zoom call, more lay-offs, and financial woes have certainly come along with the need for speed.

My 3 favorite lenders can provide a preapproval within a few days, for sure. They can give one that has many conditions quicker than that. But, to get a pre-approval that likely won't all apart, 12 hours, which Better.Com says they can do a loan commitment in, is just to fast to be right.

Speed Doesn't Always Mean Best

Some things just need to be researched. Some things buyers forget about and they pop up later. A mortgage broker/lender must be somewhat of a detective. Determine what the buyer truly is capable of, what they are comfortable with, and which loan program works the best for them at the time they want to buy a home.

This 'lender' proves that speed certainly doesn't mean best as they are losing their shirt with the plan of action they started with.

Yes, you needed to know ASAP if you could write an offer on a house in the last couple of years. BUT, the right way to gear yourself up for a home purchase is, and always has been, to talk to a Realtor (ME) first, then talk to a Lender (I have MANY) ...... several weeks before you want to start your home search.

Do it right, don't do it fast. Do it best, don't do it for speed. If you're looking for something to happen too fast, be prepared for disappointment near the end of escrow when your lender says 'whoops' because he or she missed something in the ridiculous 12 hours they took to do the research.

Off my soapbox now..... 

Well, at least til next week!