A lot of things changed over the past three years, and many industries were completely devastated by COVID. One that was definitely not is the real estate industry. In Charleston, the red-hot market is still in full swing, which is making it not only problematic to find a home, but now securing a loan is becoming just as difficult. If you are having a hard time securing a traditional loan and you’re considering the prospects of looking into a non-traditional alternative, finding a top QM lender is more important than ever. Before you sign on the dotted line, make sure that you find one with these four characteristics.
Experience
Non-QM loans are different from traditional ones because they are…non-traditional. A Non-QM loan is supposed to be more inclusive to allow those who are creditworthy to obtain a mortgage, even if other institutions see them as too big of a risk. But loans are guided by rules and regulations, and sometimes it takes some innovative thinking and savvy to not put a borrower into a particular package but to expand a package to fit the borrowers’ needs. That is where finding someone with experience pays off. They have the experience to find loopholes and challenges where others see roadblocks.
Credibility
Lending is a serious business, and borrowing is not something that you should ever enter into lightly. Before you choose any lender, make sure to check out their credibility in the financial industry. Credible lenders only do things by the book. Sure, they can find ways to work around particular situations, but only by doing it legally and honestly. Unfortunately, that is not how everyone does business, so make sure that you know how credible your lender is before you sign on the dotted line!
Communication
If you had all the answers and knew all the rules and regulations, you wouldn’t need a lender. But too many lenders assume that you know the basics and what your obligations are. Before you take out a loan for anything that you will be responsible for, you want to make sure that you understand your contract from top to bottom. Find a lender who is willing to do a lot of hand-holding and goes above and beyond to ensure that you are 100% in the know by communicating effectively and giving you all the information you need!
Responsiveness
If you can’t get your lender on the phone to answer questions before you sign up, imagine what their responsiveness will be once they have your signature. A top non-QM lender will make sure that they respond to all of your questions without skirting the issue or putting you off. Buying a home is a significant risk and you want to make sure that someone cares about what you have on the line by getting back to you with the information you need when you need it most!
As the red-hot market continues in the Charleston area, many potential homebuyers are scrambling to find financing to purchase their first, or even second, home, but things are getting tight. Before you sign on the dotted line with any lender, make sure that you look for these top non-QM lender must-haves to ensure that you are getting the best lender possible. At Homespring Mortgage, we are all about customer satisfaction. We have been a leader in the industry for decades for a reason: we love what we do and we are good at it! Contact us today to discuss how we can get you approved!