Luxury Mortgage Blog

When interviewing a lender to handle your loan application, especially in the more technical field of High Rise Condo and Condotel financing, there are questions to ask before you hire a mortgage company to represent you. Asking these 3 questions of your mortgage broker or mortgage banker (a direct lender) will give you a common sense awareness of the expertise of the lender and your loan officer, and will likely help you avoid a rough and turbulant transaction and perhaps even a crash landing.

Question 1: How many High Rise Condo or Condotel fundings has the lender, and just as important, the loan officer, closed in the past 6 months?

If the mortgage company you are interviewing has zero or little experience recently in High Rise mortgage closings, especially Jumbo and Super Jumbo loan amounts if your transaction is over $417,000, how do you know that you are getting the best terms and smoothest process available? This is especially true in the current lending cycle, where the biggie of the past Real Estate cycle, Countrywide, is no longer the best option available for large loan amounts. Most of your average lenders will not know currently who is offering the best terms in the products you are seeking. Beginning in July 2007, there have been many, many program and lender changes in this arena.

Question 2: Does the owner of the Mortgage company or it’s agents own and live in a luxury high rise or multi-million dollar home?

It’s important that your loan agent live and breath high end financing, particularly as it relates to High Rise Condo and Condotels. The particular nuances required for the loan package and more importantly, the lender’s relationship with the closing departments of the project, can have an impact on the success of your closing.

Question 3: Is the mortgage company you are interviewing recognized as experts in High Rise Condo, Condotel and Luxury Real Estate financing?

In your “due dilligence” research of the lender’s background, you may find negative comments published in the meda or complaints reported to a respctive governing agency. This is a red flag for all future users of that company. On the other hand, having national and local recognition by major publications and local media, can be insight allowing you to expect a smoother and often a less expensive transaction to occur. Positive recognition of a mortgage company typically results from a company culture that is committed to serving a community versus a culture of maximizing profits and a let the buyer beware attitude. Positive media recognition often begins as word of mouth compliments by customers and gets the attention of media outlets as reputation of good service and community involvement grows.

Direct Phone Number 702-444-0400 x1

Jason Fox / President
Luxury Mortgage Group

Tags: · condo mortgage · high rise condo lender · highrise condo · highrise lender ·
Posted in High Rise MortgagesNo Comments