The quality difference between individual lenders, like any profession, has always been wide spread as has the spread between different banks/lending institutions. As the market becomes more and more heated and closing dates become shorter, who you choose to work with as your lender has a greater impact on your success as a buyer than it used to.
We understand that often times the bottom line when selecting a lender is cost. And though this makes a lot of sense, it is important to understand all aspects of the purchase transaction so you can make a better more well informed decision that considers costs and other important factors.
A true story of two lenders:
Both stories are similar where a heated market with multiple offers caused the need for a quick close.
In blue is the story of our sellers selling a condo in Belltown that received multiple offers and sold within the first week above asking price. These buyers even put 25% down.
In orange is the story of our buyers who purchased a home with 10 offers, also selling way above list price. These buyers put 20% down.
Our Seller’s reach mutual acceptance on 6/18
Our Buyer’s reach mutual acceptance on 6/25
The Lender on our seller’s deal is out of state in California
Our Buyer’s chose to work with our local Seattle recommended lender team (which was part of the reason they were selected as the winning offer out of 10, according to the listing agent)
Our Seller’s deal was set to close on 7/8/15 (3 week closing)
Our Buyer’s deal was set to close on 7/15/15 (3 week closing)