I have been going through a special kind of hell these past two weeks because of a mortgage lender who will not return phone calls, emails or answer questions. He is with a company that I have had great experiences with in the past but a lender is only as good as their worst employee.
Banks of any kind can be particularly challenging to work with because they have systems and rules and really don’t care much about their customers. Some credit unions are even worse.
When I get a pre-approval letter from a home buyer the company that letter comes from matters. The next time a buyer gives me a pre-approval letter from the company I have been working with this week I will probably ask them to get pre-approved by someone else if they want to work with me. Often a buyer can tell right away if a lender is going to be easy to work with by how responsive they are to phone calls and questions. It doesn’t matter how low the interest rate is if the lender if the money isn’t there for the closing.
Make sure your lender has a cell phone and that he or she returns phone calls within a couple of hours and answers emails within an hour or two.
Home sellers should also be aware of the lender the buyer of their home is using. If no one has heard of the company or if someone calls the number on the pre-approval letter and it has been disconnected that is a red flag.
I just got a pre-approval letter with the wrong phone number on it and I have to say it wasn’t the first time. Sometimes it is just a typo or an over sight but personally I would rather work with a lender who pays more attention to details and is better with numbers.