Lender Search - Things to ask / look for

[Josh Kliethermes]

Hi BP!

I am beginning my lender search. I have talked with a few agents and gotten recommendations for lenders in my area. One of the first things the lenders try to do when opening conversation is trying to get me to fill out their online forms to underwrite. I was wondering what things I should ask the lenders or look for before I start filling out approval forms. I obviously think that I should decide on a lender or two before filling these out as I don't want to many credit checks against my name. So, was wondering what screening questions to ask them or red flags to look out for. 

Thanks for the help!

[Brett Deas]

Well be open and honest if you have a unique situation, I have learned if you confront them first it can save you lots of time if they cant work with you. Also, a few red flags are if the ask for money upfront (typically scammers), If they only try to sell to you (everyone should value the relationship), or if they have no references. One thing that is pretty normal is them trying to pre-qualify you first. Coming from an agent perspective us real estate vendors often get screwed because we spend a lot of time working for our clients then find out they couldn't qualify all along, so the initial qualification helps us not waste our time.