Question


Bishop

When is it time for me to choose a different lender?

Hello. I currently have a mortgage lender that I am working with to secure a home. I chose this lender because of all the benefits that their relocation program offered: No closing costs, competitive rates, and real estate agent rebate. It all seemed great, still does. The problem though is that I cannot get in contact with the lender as I would expect I should. I will call or e-mail them and not here from them for days or weeks. I have to consistently pester them in order to get a response. Even now I am attempting to get a pre-approval letter to send with an offer. I have not heard from them after a day. This is an accredited credit union that does business with my employer, a Fortune 500 company. I am getting frustrated with them. When do I say enough is enough and go with my second choice in lender? Thank you in advance for your advice.

6 months ago - 2 answers

Best Answer

Chosen by Asker

If this loan is indeed no closing costs, you are going to be paying that amount somewhere else. In some states, it is illegal to give financial incentives to use a particular person. (i.e. real estate agent rebate) Since service is obviously lacking, contact another lender who brings honesty to the table.

Source(s)

Oregon Realtor

by godged

6 months ago

Asker's Rating: 

Other Answers

My experience is that, generally, credit unions are much smaller operations, and will require persistence to deal with. They have many benefits, but speed is often not one of them. Can you go there and deal with them in person? Some are only available over the phone, but some have offices nearby. If so, go in and talk to someone in person. Get a face to go to with your issues. If you haven't made any offers yet (as it sounds), talk to your second choice and see what you think. You might also tell them what you've been offered by the other lender, and use it to negotiate terms, as they may be willing to do so, particularly to get a good customer. You don't really need to commit until they ask for up front monies.

by Stu- 6 months ago