Two of the top concerns are the ability to get the deal done and to be responsive. They want their loan officer to answer the phone. You wouldn’t think so but only 1 percent care about getting the lowest rate. Don’t get me wrong, interest rates are very important to the buyer so you still have to be competitive, but your realtor is more interested in getting their buyer into a home.
- Give realtors a pre-approval not a pre-qual:
Pre-approvals require an underwriter to review income, assets and credit. Make sure the realtor is not wasting their time showing homes to someone that might not close. It’s much stronger that a pre-qualification, where a lender basically takes your word that your finances and credit score are what you say they are, without verifying any information.
2. Be prepared to answer phone calls:
Always answer your calls or call back within 30 minutes. Sometimes it’s even better to have them speak with the processor directly since it’s the processor that speaks to the buyer on a regular basis and might have more up to date information than the loan officer.
3. Close the loan on time:
The one thing I hate the most is to find out that a purchase transaction will need an extension. Unless it’s because the seller is not ready (title problems, etc.) or negotiating between appraised value and purchase price, there is no reason a loan shouldn’t close on or before the contract date. The first thing we do when a contract is accepted is put the scheduled closing date in our system. Everyone involved in the process is conscious of that date and that time is of the essence. We don’t usually give prequals because they can be misleading since nothing has been verified.
Our pre-approvals are same day if submitted before 2PM and Closing can usually take place within 14 days. The loans that take longer are normally because the seller isn’t ready to move out yet.