Choosing the right lender has always been important. But now, with sky-high demand and limited inventory, interest rates aren’t the only thing you should be comparing.

A fast-moving market means you need a loan originator who can keep up. Before you partner with a lender in your housing search, be sure that they can meet all of your home buying needs.

Competition is Fierce

If you haven’t noticed, there are a lot of people in the market for a home right now. Many sellers are receiving multiple offers, and bids are trending well over the asking price in some places. Lining up your financing after finding a home you like is not a viable option.

To compete in this environment, you will want to choose a lender as soon as you are serious about becoming a buyer. In addition to the costs, ask about closing times, pre-qualification, and experience in your target market. It’s critical that you have an accurate understanding of your buying power and confidence that the lender can anticipate the potential hurdles ahead.

More Mortgage Options

You should also consider the variety of loan programs that a lender can offer. In a challenging market, your ability to purchase a home may depend on flexibility as much as borrowing power. A lender with experience in a range of products will be invaluable.

You may find that minimizing your down payment is the best way to free up savings in a market where the appraisals lag behind the sales prices. Or a 203(k) renovation loan could be the solution that lets you customize an overlooked home instead of fighting for one that is move-in-ready. Clients over the age of 62 could decide using a reverse mortgage to purchase a home is the best path. Regardless, you won’t want to be limited by a loan officer with only a few ways to help you.

Buying Takes a Team

Purchasing a home in any market can be stressful. But it’s not a solo endeavor. You, your real estate agent and your lender each have an indispensable role in the success of any search. While your interactions with a Realtor are likely to be more numerous and often face-to-face, communication with your loan officer will be just as critical.

It may take multiple attempts before one of your offers is accepted. Each time you will be looking for a customized pre-qualification letter to include with the submission. You may not always have much time either, so be sure your lender is aware of the stakes and will be responsive when you need them. If they have some familiarity with your market, it’s more likely they will understand the expectations. And, if they have worked with your Realtor or closing office before, it may make the entire experience even more seamless for you.

Browse our website for helpful resources to guide you through the mortgage process. Or call today to speak with an origination expert about finding the loan program that is right for you.