For Loan Seekers, Preparation Is More Important Than Ever

By now, you should have in hand a current copy of your credit history and credit score, which you can buy for $15.95 at MyFico.com, or free for a copy of your credit history through AnnualCreditReport.com. Ask the loan officer to assume that you have this particular credit score for purposes of your initial consultation so your credit history isn't tapped unnecessarily.

You can ask each lender to give you a best-price offer for the loan program in which you're interested. So, if you want a quote on a 30-year, fixed-rate loan and you're putting down 10 percent, ask for that price quote. If you haven't decided between a 30-year, fixed-rate mortgage and a 5/1 adjustable-rate mortgage, then ask for both. Ask for a detailed list of fees that will be charged for each type of loan.

These fees can differ greatly between lenders. One lender may have $800 of additional fees, while another may charge double that for the same loan and interest rate.

At the end of the conversation, you should feel comfortable with the loan officer and the program offered. If you get a feeling that something isn't quite right, it's time to do more research.

What about online lenders? Mortgage companies have collectively spent hundreds of millions of dollars creating fancy Web sites designed to attract borrowers. There's nothing wrong with doing some research online and perhaps even applying for a loan online.

But you want to know that the company you're doing business with is real.

If you're choosing a lender such as Bank of America, CitiMortgage or SunTrust, you won't necessarily get a lower price by applying online, and it will take away some of the opportunity to have a personal experience, which I think is important in this, the single biggest purchase of your life.

Q I'm trying to sell a condo for my mother, who has moved to a retirement home. The first real estate agent did very little, so when the listing period expired, I switched to a new one. (Both agents had been recommended.) I told the new agent that I wanted frequent updates about various items. She has now had the listing for more than a month and has communicated little, despite my frequent phone calls and e-mails asking questions. If I leave a message, she does not call back. Most recently, I sent her an e-mail asking for the following information: a list of multiple-listing services where this unit has been posted, along with posting dates; copies of all ads that have been placed, whether as fliers or in newspapers; a list of groups to whom mailings have been sent, and a copy of the letter or material; and a summary of sales of any units in the building or comparable units nearby since this listing began. I asked her to provide this information by the following Friday, which has passed, but have had no response at all, not even an e-mail asking for more time.

When I signed the listing agreement, I changed it to make the time period shorter but did not change the text provided. The document does not seem to obligate her to do anything. Did I have to add language stating the work I expected? Would that have been enforceable anyway? What are my options now? Is this nonperformance? Would it make sense to offer an extra incentive to try to get the place sold? I realize the real estate market is not good. I don't know if I could find anyone better, and I am 800 miles away.

AIt's hard to be a long-distance seller, as you're finding out. I don't think your expectations are unreasonable, but it seems as though you've found two agents who aren't making you happy.

The good news is that that's what managing brokers are for. The managing broker of a real estate office is in charge of making sure the real estate agents are doing their job and to assist when problems arise with customers.

Call the managing broker who leads the office that employs your agent. Let the broker know you're unhappy with the service being provided to you. Explain that the agent doesn't provide you with updates and doesn't communicate at the level you require.