Though no aspect of dealing with contracts is of less importance whether they are deadlines or inspection. But somehow the most important part of the deal which is a common concern for both the buying and selling party is the money.
And somehow, not a lot of emphasis is placed on this fact that who should be trusted enough to get a loan from. With so much advertising on television, newspapers and websites, it is quite easy to assume that one could get oneself a great mortgage. It is considered a very simple process that mortgage requires you just to fill out a mortgage application and manage a down payment.
There are some really big differences between the numerous lenders and some of them could actually make or break your next sale or purchase.
Banks seem to be the safest option. They may be your best bet in managing your credit cards and checking accounts, but when the question arises of lending money, banks tend to be uncompetitive in their rate quite often, are unresponsive and majorly, lack the skill and ability to perform under tight deadlines.
Being in real estate and dealing with properties, one would know that sale contracts are deadlines. You can easily expect two to three deadlines which will be dealing specifically with your loan and require the lender’s agreement. Along with deadlines certain consequences are attached which will need to be faced by you if the lender fails to comply.
Living in an area where housing markets are quite competitive and often, therefore every detail of the contract which gives you an edge, matters a lot.
The efficiency and transactional speed of the buyer is of great importance to the seller which is why buyers are usually asked to shorten all of their contingency periods within reason of course to accommodate the seller’s anxiety.
So when your big banks like Chase, PNC, Wells Fargo , Bank of America are really slowed on the process of ordering an appraisal, being completely unresponsive letting the call center deal your questions or simply the worst scenario requiring four layers of approval each of which takes three working days at every single step to proceed your matter further and move your file forward, you are putting yourself at risk of not being able to perform under those tightly scheduled deadlines and falling into breach of contract.
Now, the online lenders. They do not really come off with a great reputation for most of the same reasons credit unions and big banks don’t.
There are numerous honest and competitive lending companies in the D.C area which have knowledge and understanding of our local market conditions. They could turn out to be really great partners in assisting you compete for the property you have got your eyes on. They are able and will move your file through the process of underwriting who are only one to two desks away from the loan officer. They also happen to have a list of trusted local appraisers who can easily get a report finished in 7-10 days.
So whenever you want a mortgage, start with a trusted local lender.