Written by Tim Sisson | Loan Officer
There are countless advantages to having a local lender who is available on nights and weekends. I wanted to share an example, which just took place this weekend.
I received a phone call at 6:14pm yesterday evening which was a Friday night. I had just left the residence of a family friend who had just been through a divorce and is looking to purchase a home on her own. She was concerned with entering a purchase transaction by herself for the first time, but we were able to discuss all of her options and make her feel at ease. Anyways, back to the phone call! The individual who called me was looking to get Pre-Qualified after seeing a home that he and his realtor knew wouldn’t last through the weekend without multiple offers. He had already discussed mortgage options and Pre-Qualified with his bank, which is a big bank here on the east coast. However there is one big problem: he is unable to speak to a representative unless it’s during normal business hours (Mon-Fri, 8am-5pm). His realtor suggested that he reach out to a lender who can communicate on weekends.
The most common time for a potential home buyer to see homes is when they are off work. This is often on nights and weekends. So, it is vital to an individual’s home search to be able to discuss mortgage options while they are out and about seeing homes. This is not just limited to obtaining a Pre-Qualification letter. Each property is different. Each price scenario is different. Before an offer is made, the buyer should know exactly what the numbers will look like. Also, when preparing an offer, there are many nuances that need to be explained to a buyer. The realtor and lender often work together to explain items like seller contributions, financing contingency, and appraisal contingency.
Here’s a timeline for the buyer who reached out on Friday night:
6:14pm – Buyer calls Tim Sisson, the Pre-Qualification process is discussed.
6:29pm – An email is sent to the buyer with the link to the Pre-Qualification page, along with a list of financial documents for him to forward.
7:45pm – Buyer begins the Pre-Qualification form online
8:24pm – The Pre-Qualification form is completed online, and an email notification is sent to Tim.
8:59pm – Buyer finishes uploading all applicable financial documents.
11:02pm – Tim returns home from his Friday night men’s softball games, and he begins reviewing the buyer’s file.
11:53pm – An email is sent to the buyer with three purchase options, and details regarding the differences between the three.
11:59am – The buyer calls Tim and they have a 20 minute conversation about the property they are about to offer on, and several questions are answered.
1:02pm – A Pre-Qualification letter is sent to the buyer and realtor for the offer they are about to make.
1:11pm – Buyer responds,
“Thanks so much Tim! You have been so much help and have been real timely and informative in all of this. We really appreciate your service and help.”
Not only did I make myself available to an individual when they needed me most, but I made sure they were fully educated regarding all of their options. My focus is to make sure I can deliver quick results while also being thorough and cognizant of my client’s overall needs.
In summation, having a lender who is available at all times is vital to your home purchase experience. We all have personal lives and it is virtually impossible to answer the phone at all times. But to answer and return phone calls, emails, and text messages in a timely manner is one of my primary missions as a mortgage professional.