how to choose a lender?
Oct 17, 2009
in
Commercial Mortgage FAQ
does it matter which lender I go to? or will they all preapprove me for the same amount based on my stats? Like should I go to a private lender rather than commercial? Who will handle my loan the fastest in time for the Nov 30th deadline?
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One comment
Michael on October 17, 2009 at 4:55 am
Your best bet is to go to a mortgage broker who has access to more than one lender versus a mortgage banker who works with only one lender, his bank! As to you closing before the 11/30/09 cutoff, you better get started today because you are cutting it too close. On average, depending on your financial situation, the loan approval process takes about a month. As for who the fastest is, the slight edge goes to the bank but if you don’t get approved by the bank, you’re screwed, in terms of your time frame. If you go through a broker, he can submit to multiple lenders at the same time, in some cases to the same bank as the banker. The fees will obviously differ. As to your pre-approval, the amount, if done correctly, should be about the same.