Honest pre-approvals are the backbone of a successful real estate business. A good lender is going to take the time to pre-approve you, not just pre-qualify you. Always insist that the lenders you work with give a pre-approval letter. It’s the only way to get the most accurate outlook on what you can afford. You can’t get that information if the lender doesn’t dig deep to get the accurate answers necessary to make that judgment.
ATTRIBUTES OF A GOOD LENDER
In addition to honest pre-approval letters, there are a lot of other things a good lender can — and will — do to help make your business easier. A superb lender or lending officer will be available 24/7, within reason. Obviously, no loan officer is going to be too happy to answer a 2:00 AM “just checking on the status” call, but you get the point. A good lender will be available when necessary to help you get approved. Good lenders never lie about your ability to get the loan. They’re not telling you, “It’s a great deal, a done deal. You’re guaranteed to get a loan,” when there are actually issues. Bad lenders are looking to close a deal — any deal — in order to earn their commission. Bad lenders are hoping to keep you inside their institution in some form or another, even if there’s only a slight possibility that you will qualify for the loan they seek. I realized right away when I first became a lender: if you aren’t sure it’s a done deal, then don’t say it is...ever. I learned that to be a good lender, I needed to go after the solid deals rather than the wobbly ones. Sure, a lot more wobbly deals came across my desk than solid deals, but my reputation wasn’t going to be solidified on those shaky loans. To set myself apart from the bad lenders,
39
Powered by FlippingBook