When the Mortgage Deal Goes Bad
According to University Hospitals, buying or building a house, the loss of a loved one, and divorce are among the most stressful things we will ever encounter in our lives. Anyone who has purchased or sold a home knows how many variables are involved, and each one of those must be taken care of before you can move on to the next step of the process. There is, unfortunately, no “easy” button. If you are not being guided through the process by professionals with many years of experience, you are at an even higher risk of losing a deal in the final hours. The bottom line is that deals fall apart because of a lack of communication or poor expectation management between the professional and the client.
When Should I Be Worried?
There are early warning signs that a deal is going south, and the main one is the time the deal is taking. While the process of obtaining a loan is complicated, it is measured, and therefore can be managed. A mortgage transaction is a set of processes that are agreed upon between banks and lenders, and while a lot can go wrong, it should not be due to a lack of diligence on the lender’s side of the deal. If acquiring a loan feels like it is taking a long time even though you have submitted everything you were asked to by your lender, you should speak up and ask questions.
What Can I Do?
If you feel like you are getting a raw deal, listen to your instincts. It is free to get a second opinion, and you should. Unfortunately, many companies often hire employees who lack the proper experience and foresight to navigate complicated nuances that can arise during every stage of the purchase, from the pre-approval all the way through to the title work and the closing table. By hiring a local, trusted lender with several years of experience under their belt, you can save yourself the headache of potentially losing a deal.
What Should I Look for in a Lender?
While there’s nothing sexy about mortgages, it is imperative that you do not just take the first suggestion on finding a lender without doing your homework. Buyers ultimately bear the responsibility for the loan, no matter how bad the advice they have been given may be. Most people wouldn’t buy a used car without test driving it, but far too often, homeowners relegate all responsibilities over to their real estate professionals and don’t do their own homework. You should always look at more than one mortgage lender and compare the experiences. Was one lender more clear or concise with their information? Did one lender give you a bad feeling that you were being rushed into making a decision? Did one mortgage company make you feel more like a person than a number? Go with your gut.
You can buy the very best pair of cutting shears in the world, and it still doesn’t make cutting your own hair a great idea. While it is easy to understand why buyers become over-eager or anxious during the processes that lead up to a successful closing, it is important to remember that you are making one of the largest purchases of your life, and you must maintain some vigilance and carry some responsibility as a consumer to do your own research. InterTrust Mortgage has been helping Acadiana residents with worry-free lending services for over two decades. Call us today to speak directly with Brittany Fitch, and see what a difference a local lender can bring to the closing table. Trust is our middle name.
