When picking a lender, listen to your Agent

As if our industry isn't challenged enough right now, agents are dealing with the most stringent banking requirements in a very long time. This is good on the one hand, because we needed the mortgage business to discipline itself, but getting a loan approved, getting all the conditions removed, and getting everyone to the settlement table on time has become a herculean task. For some reason, some lenders do not think the dates on an Agreement of Sale matter. Sellers can terminate the agreement of sale if the lender does not meet the mortgage commitment date, yet some lenders scoff at the fact that this is of any importance. Agents, having grown the broadest shoulders and thickest skins over the last several years, have learned to deal with that, but when lenders don't make the settlement date, the gloves come off. REALTORS know which lenders understand the multitude of mortgage programs available to buyers today, and they know which lenders make settlement dates, keep clients informed, and don't issue pre-qualification letters that have no weight behind them. So, if your agent recommends a lender to you, there is nothing in that recommendation for the agent in most cases other than CONFIDENCE that the lender can get the job done. Isn't that what you really want - to actually be sitting at the settlement table, documents signed, funding available, and keys in your hand for the home of your dreams? Surely that interest rate you found on the internet or that out of the area lender nobody knows who promises you he can "fix" everything is not worth ending up with "no deal" when your moving van is packed!