Admit it. Either you or somebody you know has had that experience of getting excited to go on a date only to be more than disappointed. It wasn’t the event that they went to or the restaurant they ate at or even the conversation – it was usually the let down from the over promise of what they were expecting from the date. In the past week I was reminded that going on a bad date is like working with a bank to get a mortgage or loan. Banks have many layers of people and systems that need to work together in order to lend you the money you are looking for. A bank manager may genuinely have good intentions when they tell you “yes we can take a look at your request” only to tell you later “sorry our credit department has declined you”. What a let down. I did some research to see how people avoid going on bad dates to see if there were some ideas I could borrow when helping people (and businesses) work with a bank.
Here are some helpful tips I found that you might use when working with your bank for a mortgage or loan:
1. Get to know each other first – this is critical. You may think that all banks are the same but they are not. Each of them have slightly different preferences in the types of clients they want and the type of deals they want to provide mortgages and loans for.
2. Choose your activity carefully – don’t give every banker you see all of your paperwork and details. Give them a high level summary of what you are looking for and ask them for some examples of other deals they have approved like yours. Better to get a quick “No” than a long “Maybe”.
3. Trust your instincts – even though you are not a bank you will get a pretty good impression about your chances of approval when you meet with the person representing the bank. Lots of questions is a good thing. No questions means no mortgage or loan. Always trust your gut and move on to the next bank if you don’t think you will be approved.
There were some other “how to avoid a bad date” tips that I was going to add but maybe I will save those for later.
Remember, working with a bank doesn’t have to be a miserable experience. Know what you are looking for, know what you can approve for and then make sure you are talking with the banks that can help you.
“One woman I was dating called and said, ‘Come on over, there’s nobody home.’ I went over. Nobody was home. ” – Rodney Dangerfield
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