Did You Think Buying a Car Was Frustrating? Try Getting a Mortgage.

Choosing a lender takes more than comparing interest rates.

Did you think that buying a car was a frustrating experience? Wait.

Try getting a mortgage.

Over the years I have handled real estate closings, the mortgage process seems to have become more frustrating, despite all the technology that was supposed to make it easier. Buyers upload documents, answer questions, and provide explanations—only to have someone else at the lender ask for the same things again.

In my experience, the bigger the lender, the more repetitive this can become. You start with a loan officer, then hear from a processor, then someone in underwriting, and finally a closing department. At some point, you begin to wonder whether any of these people talk to each other.

Some requests are necessary. Updated statements, explanations of deposits, and other underwriting questions come with borrowing money. But buyers should not have to spend their days figuring out who received a document and why another department cannot find it.

When choosing a lender, ask more than what the interest rate will be. Ask how many people you will have to deal with. Will your loan officer stay involved through closing? Who will answer your questions when something gets held up? Will that person get on the phone with your attorney and help resolve the problem?

Part of my job is coordinating the title company with the lender. They need to exchange title documents, work through the lender’s title requirements, and get the closing figures in order. I stay involved to help resolve questions and keep those pieces moving.

That becomes especially important when the lender’s closing department raises an issue late in the process. I work with the title company and lender to find out what is needed, who is responsible for providing it, and whether it will affect our ability to close. The buyer should not have to act as the go-between.

I cannot make a lender approve a mortgage or bypass its underwriting requirements. But I can help identify what is holding up the closing and work with the people responsible for addressing it.

A competitive rate matters. So does having someone who knows your file and takes responsibility for getting it to the closing table. A local lender is not automatically better, and a large lender is not automatically worse. Ask who will actually handle your loan and how hands-on that person will be.

Before you settle on a lender, talk to me about your mortgage search. The rate and fees matter, but so do the people you will be dealing with and how involved they will stay through closing. Bring me into the conversation early so we can discuss those considerations before you make your choice.

Steven Kurlander, Esq.

Call or text: 845-796-8948

www.skurlanderesq.com