Does it really make a difference what lender you use?
The short answer is “YES!”
The most important thing a lender can do for you is to get you closed on your home on the closing date. The North Carolina contract used to allow a 14 day grace period for both buyers and sellers with regard to the closing date. If either party couldn’t close on time, there was 14 days to fix whatever hiccup had caused the delay. Now, the contract only allows a 7 day grace period. Which means that if your lender drops the ball, and can’t get you closed in time, you could lose not only the house you were trying to purchase, but all of your deposits, and the money you put into inspections as well.
What to look for in a Mortgage Lender
What you ideally want is a lender who will really sift through your financial situation before you make an offer and be certain that they can close you before they write an approval letter for you. You want a lender who will ask the hard questions up front.
And just so you know, any lender is going to ask you for a lot, and I mean A LOT, of information at the beginning of the underwriting process. Then, they’re going to ask for it all again before the closing date to ensure that your financial situation has not changed.
It can also be helpful to use a lender who is accustomed to dealing with transactions in North Carolina. And it can even be helpful to use a lender that is smaller, with fewer moving parts. We’ve had clients use large out-of-state lenders with success, but we’ve also had clients whose file sat forgotten on the desk of someone in New York for days. That almost derailed their closing – just because someone forgot about it.
We have worked well with the lenders below for years and can recommend them. Of course, you should shop around to see what different lenders can do for you. Not all lenders have access to the same loan products.