Helping Your Clients Choose the Right Lender in the Current Market
Choosing the right lender is vital for your clients. Not only will it influence the rate, terms, and service they get as a borrower, but it will also influence their transaction’s timeline, too — and often, that can make or break a deal.
Unfortunately, most borrowers aren’t too savvy in the ways of lending. They often use the first bank or lender they come across (or see in a commercial), and they don’t put much thought or effort into who they decide to work with.
Want to help your clients do better in choosing the right lender? These three strategies can help.
Come with recommendations
The best thing you can do is offer your clients a lender or shortlist of lenders who you’ve researched, vetted, and ideally, worked with before. You can even create a short one-pager that outlines details about the lender — things like its loan programs, any down payment assistance it offers, and the names and numbers of its loan officers in the area.
Arm them with questions
Encourage your clients to call up (or email) the lenders they’re considering and speak to a loan officer directly. Give them a list of questions to ask to help them gather all the info they need to make the right decision.
They should ask things like:
- What loans am I eligible for?
- What will my monthly payment look like?
- How long does your closing process take?
- What closing costs do you charge?
- How can I get in touch with you?
You can even hop on a conference call together to help guide them through the conversation.
Connect them with past customers
If you can, connect them with a past borrower of any lenders they consider. Maybe that’s a previous client of yours, or if that’s not possible, send them links to a few different reputable review sites so they can get an overall feel for the lender’s service. Speaking with past borrowers can help clients decide between different offers from different lenders. Places like the Better Business Bureau and Zillow’s lender directory are great places to look (Embrace actually has 4.97 out of 5 stars there!)
Need help choosing the right lender?
If you want to ensure your client is choosing the right lender, include Embrace Home Loans in your recommendations. Reach out to an office in your area to learn more about what we offer and how we can serve your clients.