After (just about) five years in real estate, and many transactions with many lenders, I have finally discovered that with the best of lenders, and with the worst of lenders, the experience for my clients can still be fantastic, or terrible!

The root of the problem is the many variables involved with a loan, for example:

• purchaser's income and credit history
• loan-to-value ratio
  
• loan program requirements
• appraiser
  
• loan underwriter
• loan closer

In the past two weeks I have had two closings, each with a very reputable local lender --- but the buyer experience in each was amazingly different . . .

Scenario #1 --- $300k (+/-) purchase, 80% financing, loan application to closing in approximately 14 days, absolutely no issues in the entire process.  Amazing!

Scenario #2 --- $100k (+/-) purchase, 100% financing, down payment assistance program, loan application to closing in approximately 35 days (even though 21 was promised), an absolute nightmare with more and more, and more documentation and paperwork requested from the loan underwriter and loan closer up until the closing day.

Many of my buyer clients ask for recommendations on which lender they should select in order to make it a smooth and successful purchase.   I do indeed have lenders that I recommend.  However --- even with one of the stellar lenders I recommend, a buyer can have a terrible financing process, as a result of the underwriter, closer, appraiser, program requirements, etc.  And . . . even if you don't select one of the lenders that I recommend, you can absolutely have a fantastic financing process.