Imagine my client’s glee when he received pre-approval for a loan to buy his first home. The broker had found him a low rate – he hadn’t been able to borrow enough from the major lenders – and had promised the world.
Fast forward three months, and he’d missed several days of work to satisfy the banks requirements, and was at risk of losing the property twice due to the broker’s lack of knowledge, adequate explanation and inability to deliver on what they had promised. Settlement happened on time but only after firm words and welcome intervention from the bank after they were informed of the broker’s incompetence.
With a bit of research and a lot more in terms of customer service this could have been a far less stressful process. In general, non-major lenders can offer a cheaper interest rate, but the price consumers pay are the extra hurdles to leap before the bank will provide funds at settlement. A great deal is yours as long as you know what to expect and how to avoid mini-catastrophes.
So where did my client go wrong and how can it be avoided? Click on the link to see how on the Lawyers Real Estate Website.