Issue link: https://nest.uberflip.com/i/1144756
end reputation and compatibility matter. Finding someone you can do business with, communicate with and enjoy speaking with, is also important. Another factor is speed: Often sellers fielding multiple offers will choose the buyer who can close quickly, making it difficult for buyers who need the typical 30- to 45-day window to get a loan. Mortgage lenders in fast-paced markets are tuned to quicker closings. Mortgage companies that are attune to these sorts of real estate environments often aim to arrange loans in 15 to 18 days—a duration that is competitive with the typical 10- to 14-day closing for an all-cash deal. Some lenders will also underwrite buyers—essentially offering a full credit approval, rather than just a preapproval—before the offer. Working with a mortgage professional who has an existing relationship with a buyer's agent also tends to mean more personal contact, and the ability to get questions answered promptly • Shop Around You don't have to work with the local person your agent suggests. Compare rates and terms among local lenders. • Home(town) Appraisal Even if you work with a national firm, it is important to make sure the company uses local appraisers who know the difference in value between Manhattan's Central Park West and Columbus Avenue a block away. That is especially true when a bidding war might mean the property sells for a significant premium over the asking price. TIPS • See Double Often mortgage advisors suggest that borrowers "double-app"—that is, to apply for a mortgage from the lender with the best rates and from the lender with the local relationships. The latter provides the additional security of getting a loan quickly, and may be able to match the other firm's rates. • Vet Your Cousin Just because your cousin does loans doesn't mean that your cousin is a good loan officer. If you want to work with someone you know personally or someone from your bank, have them speak with your agent first, and reassure them of their reputation and relevant experience. The buyer's agent can then communicate their bona fides to the listing agent.