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If you want to avoid costly mistakes, work with a local FHA reputable lender.

Today, I received a call from a mother and she was in panic mode. She explained that she was helping her daughter-a first time home buyer purchase a condo in Bethesda, MD. They were pre-approved by an out of State lender and their contract was accepted over the weekend; however, their loan officer just called them and gave them the most shocking news!  He said he just found out he and his company were licensed in Maryland.  Whoops!  The mere fact that her loan officer “just found out”  is astonishing…but I digress….Given the contract was accepted, the clock is ticking and to make matter worse the loan officer told her that they can settle by end of the month.  So now she needs someone to get her and her daughter pre-approve and be able to close at the end of the month.

Asking her further questions, I determined that getting her and her daughter pre-approved should not be a problem.  The problem would be meeting the end of the month settlement date.   I explained that at minimum, it would at least take 45 days before settlement, and that unfortunately would mean she’d have to go back to the seller and request an extension.

Some Questions You Should Ask When Shopping For A Reputable Local Loan Officer or Lender?

1. Are you licensed?
2. What is the anticipated process before funding?
3. What are some things I need to expect that could hold up closing?

Asking these questions and depending on the answers you receive will help you determine if your loan officer / lender is the right fit for you?  But by all means, interview local reputable lenders.

So if you are buying a home in Maryland, and need to a reputable lender, give us a call at 240-447-2376.