Dawna Davies and her assistant Jodi Blanchard did an exceptional job in helping us sell our home in San Luis Obispo. Dawna’s intelligence and knowledge of the business made the whole complex process easy for us to understand and navigate. What seemed like counter-intuitive advice at the start—that we should be extremely thorough in discovering any possible problems with the forty year old house and present them in advance—turned out to streamline the final transaction by building trust in potential buyers and removing the possibility of unpleasant surprises and uncertainty for us. Her contacts with a wide range of local business people who carried out many preparatory operations quickly and economically offered another unique benefit. Her tact and amiability made our numerous interactions pleasant rather than wary. And Jodi’s work in converting the box full of documents from our files into a coherent house-maintenance-history binder meticulous and creative. From start to finish our involvement with Davies Company was personally as well as financially rewarding.
- How fast can you close a loan, if started today? This time period directly relates to how fast you can close an escrow, thereby giving you a realistic perspective on your competitive edge over other buyers. Closing time is often as important as the price.
- What type of loan? Would fixed-rate, adjustable, or an FHA loan (among other types) be best for my general situation? The lender should take time to understand your income situation and what loan is best tailored to you. For example, if you receive large bonuses annually, you may want the lowest monthly payment with the opportunity to pay back a portion of the principal each year without penalty.
- What is the relationship of credit score to loan terms? The benefits of a good credit score vary depending on the type of asset you are financing (car, house, etc.) and may change with the company you use as a lender.
- What keeps interest rates low? How long will it continue? Good lenders can answer this question with their experience and/or sound research. They should be able to offer you enough information to help you make a decision about when to lock your new loan with confidence.
- Where do you get your money for lending and what are loan conditions? The mortgage market has many levels. The actual source of the funds is the one that most directly affects consumers. Often this is an investor other than your lender representative, who will have specific conditions that they will want met before they will authorize the release of funds to escrow. These may include specific types of property, limitations about certain developments in the community, specifics about the borrower’s financial situation, credit score limits, among others. Best to know these conditions up front, well before you have an accepted offer.