At the risk of the headline being too long, picking your lender may be just as important as selecting your house!  I learned early on that if I’m working with buyers who are looking for a new home, they get pre-approved or pre-qualified FIRST before we ever go look at a house.

What’s at risk?  What if the buyer falls in love with a house, but finds out it’s $30,000 more than the lender says they can afford?  What if their credit score is worse than they thought – maybe there’s a hidden judgment from a forgotten car your buyer once co-signed on a loan for their nephew.  If these happen, they will be unable to buy a house right away.  If these happen, you want to find a lender who can tell you how to FIX IT.

Mickey Koch of Shorewest Realtors in Milwaukee offers some tips on finding a good lender,

1. Tell the lender what you want to spend every month on your mortgage, taxes, and insurance. Don’t forget about private mortgage insurance if you don’t have 20% down. A great lender will coach you on what price range to be looking in so you don’t leave your “comfort zone” for how much you want to pay each month.
2. Ask them up front what their costs are and have them put them in writing. READ THAT DOCUMENT! And understand it.
3. Set up a face to face meeting with your lender and bring all of the required documentation ASAP. Don’t put this off.

Great advice, all of it!