 Sam
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Joined: 21 May 2005
Posts: 281
Location: CALIFORNIA
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 Posted: Thu Apr 01, 2004 5:44 am Post subject: How to know which lender is in good standing? |
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The lender is the individual or firm with whom interaction is necessary if your intention is to get a mortgage. It is a must that you make an account of the standing of the lender both within and without.
Firstly one should check whether the firm or individual is a registered and licensed lender. Usually the lenders are registered at the Department of Banking or division of real estate in the respective state. Every registered lender needs to send their annual report to the bank before the 31st of March every year. This could be available to the borrower if need arises. This could give a clear idea about the number of users of their services, what products they offer and their financial status.
One should find out the reputation and the history of the company you intend to work with. The priority for you may be your savings and so low interest rates are your targets. But you must not forget that the trust factor is always greater, your workability with your lender, all these factors count.
You can also check up with the local chapter of Better Business Bureau to see if their records are clean. As more and more lender services are becoming internet based, the verification process has become a must. The process too has become tedious and lacking clear evidence. The BBB has provided the means to let enlist on-line lenders and has also provided customer friendly query facility. This helps the borrower to directly clear doubts about any lender.
The detailed information regarding the lender needs to be gathered and read between the lines to get the exact picture. This must be done before deciding on the lender.
The choices are many but it is you who have to make an informed decision. |
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