During the recent recession, millions of Americans experienced a foreclosure or short sale of their home. Allegations have since surfaced that some lenders unjustly delayed or denied mortgage modifications that would have allowed thousands of these Americans to be spared devastating foreclosure or short sale. If this describes your situation, it is understandable that you would be hesitant to work with a new lender, although you likely want to achieve the American dream of home ownership.
You may fear that another lender will set you up for failure, so they can profit from fees. Although your fears are understandable, keep in mind that not all lenders partake in this hideous behavior. You CAN find lenders that are conscientious, with employees who genuinely want to help their clients, not hurt them. Here are some tips for searching for a trustworthy lender, who can help you return to homeownership.
Ask for referrals
Do you have friends or relatives who can provide you with their story? Maybe they have worked with a lender they trust and can pass along that lender’s name. Consider asking a trusted real estate agent for a referral. Real estate agents work with both lenders and homebuyers on a regular basis. They can give a good opinion of which lenders are trustworthy. Other experts that may be able to help you in your search are accountants, financial advisors, and attorneys.
Check business references to find out if the lender is reputable. The Better Business Bureau (BBB) is a great resource. You can discover what other homeowners are saying about the lender. You will also want to verify the lender is authorized to conduct business in your state. The NMLS Consumer Access is a free service for this verification.
Another option is to check professional rankings. Consider looking at the website for the lender. Do they provide testimonials? What is their business philosophy? Are they engaged in the community? Get a feel from their website as to what kind of company they are. Are they vested in the community or just out to make money? Look at the history of the company and what they have been in the news for.
Interview more than one lender
Take the time to interview more than one lender. Do they treat you as a person or as a way to make more money? Will they guide you with your home purchasing experience or will you be just another number to them? Make sure you feel comfortable with the lender before committing.
At 1st Alliance Lending we genuinely want to help people achieve sustainable loans. We are working to rebuild communities and are recognized for the thousands of people we saved from foreclosure during the recession. We have a conscience. We provide personal service so you can achieve a successful mortgage long into the future. Contact us to learn more about partnering with us for your new, successful mortgage.