I think every home ower should have 1 main mortgage broker

I'm a Marketing Consultant that has seen the diffrents in advice given from Real Estate Agents,Lenders,Local Banks,Contractors,and Mortgage Broker. The Mortgage Advisors get my vote for the most sucessful advice. They see rates of all Banks and a Real Estate Agent Houes vaule stays locked in. Mortgage advisors have many products. So why does the Homeowner always call the Real Estate Agent Frist?  
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May 13 2010 - Silver Spring
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Replies (19)

Profile picture for workabee
I'm sure you think so Pro boy, but tough crap for you. Buyers know they don't need you first and that mortgage "pros" are a dime a dozen.
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May 13 2010
Profile picture for hpvanc
Rapid,

Your statement doesn't even make sense.  I will take it into consideration the way I do all advice from marketing consultants.
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May 13 2010
As someone who works with owners, buyers and sellers.  I usually advice against brokers in favor of a lender with with in house resources mortage companies, banks or credit unions.  I have worked full time in Real Estate for 12 years. The transactions my clients have the most problems with are always brokered.  Late or lost closings, price adjustments at the last min. (not for the better) and the worse case senerio no loan at all (that only happened once thankfully)

I am not sure as a marketing consultant how much you know about the day to day workings of a Real Estate transaction, but getting the job done for the price you say it will be done in the time frame promised is important. My clients come to me first because they know they will get a dependable referance from me.  As someone who works with lenders daily realtors have the advantage of knowing who does a good job.  As a homeowner who on average conducts mortagage business every 5-7 years how do you know who is reliable, who to trust?

Why does this matter concern you so much?  Do you have a problem you need help with?
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May 13 2010
The more I learn about Real Estate the more I see that a commuity of adviors is best. But Mortgage Brokers get my vote for the wild card in Real Estate. Mortgage Brokers study loan products of all banks & not products of one instituion. As a consultant to many companies but more Investor Brokers in contrast to Real Estate Agents in the Real Estate field. It seem to me Real Estate agents market dreams, I see it (or  help stage it )  all the time in Real Estate contracts. The Real Estate Agent does't tell the client to look for a good rate to afford there dream home or help them with the lock process of the houes they want, or explain how they can get the Dream houes with knowing products. They get a price point, let the buyer be way over there DTI, and hurt the action of the deal. We all need the loan to fund or close, even me? Print , Networking parties , Block Warming Parties a& other creactive marketing solutions all cost.(Marketing Eye) I think more Real Estate would sale if Agents learn some of what the Mortgage Broker know. Rapid Mortgage recommend so many good Real Estate Pro's to alot of my start up companies and I always ask why does a home owner let the Real Estate Agent control so much of something they cant control. I 'm looking for some grate Real Estate people to market with. So all over Zillow lets service our commuities help me help you DMV market.........
Have you see our numbers???????
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May 19 2010
Profile picture for sunnyview
Rapid, I find your pitch hollow and not very compelling. Anyone who opts for a mortgage "consultant" instead of a company that can actually make the loan is adding an unnecessary step to the process in my opinion.
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May 19 2010
Agents get paid when deals close so a competent lender is of utmost importance to them....

Besides, your opinion of brokers vs. lenders is a moot point as mortgage "brokers" as we know them now will be a thing of the past very soon....
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May 20 2010
As a Marketing consultant for many Professionals, opinions are worth everything. I think buyers need more options and if the Real Estate Agent is going to lead, they need to know more about the lending process. Lenders , and R/E agents work for each other witch is grate. But how many times do you think a R/E agent can't close because the one Lender they work with has one main product. I'm new to Real Estate & seen many Mortgage Broker & Lender teams work just as good  . 
   If Brokers never look for diffrent products inventory wouldn't move There's room in Real Estate for good people Lewis. Live Brokers are walking Lender websites for you. A good Mortgage Broker Team like Rapid spend good amount of there time meeting Realtor , Lenders , & Handymen and women so everyone benifits. It starts and end with the Bank, why not be well rounded.
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May 20 2010
Profile picture for hpvanc
Just another entity/layer in the process to try and collect commissions and referrals, that actually subtracts value from the macro-economy.

Unfortunately our education level in the U.S. is so poor that some will actually some people will actually be sold into this.
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May 20 2010
Profile picture for sunnyview
Rapid Mortgage should post more. The more they post the more obvious their crap becomes. No one needs their services and no wise buyer would hire a middleman. Whatever this poster is getting paid for SEO optimization, it is too much. .02
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May 20 2010
Profile picture for hpvanc
"Unfortunately our education level in the U.S. is so poor that some will actually some people will actually be sold into this"  should read, "unfortunately our education level in the U.S. is so poor that some people will actually be sold into this." 

The insinuation of slavery is intentional. 
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May 20 2010
rapid - I mean this with all sincerity. I really do. If you are in marketing especially. Go get yourself a proof reader before posting. ...  i'm just saying.....
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May 20 2010
What is wrong with options. It looks as if you have issues with Brokers. I have many Brokers I work for. Rapid has a well thought out plans that are working. A Real Estate family, that looks at ever clent as family. Real Estate Agents cant do what a Lender or Mortgage consultant does  but an contrast Brokers propose Investment homes all the time to buyers. From location to loan, Realtor's, I think, need to know more. Its not hard for many of us to negotiate a set price. I love advertising for Relators, it just seem to me, that the buyer buys the Realtor's hype instead of the home they want sometimes!!!!!!! One main Mortgage Broker or frim cant hurt anything. They get my vote.
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May 20 2010
Its cool, we post  updates of what we see on the fly. Knowone will lose there job for Grammer or Spelling skills on the team. Maybe you should read with an open mind instead grading how we type "Banker". If we cared about were you were located we would try to send you some business but you already miss what in front of you. Bare With Us!!!!!!! 
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May 20 2010
Knowone = no one

Grammer = grammar

were = where

bare = bear

what (is) in front of you
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May 20 2010
Knowone = no one

Grammer = grammar

were = where

bare = bear

what (is) in front of you.  Thanks Mike, you must of got an "A" an English. We deal with numbers most of the time any way
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May 20 2010
I agree and said the same thing tonight to a friend. I think before a realtor is contacted the mortgage person should be contacted. A good realtor is just going to refer you right back to a loan officer. As for a broker versus a direct lender. I have now done both and the direct lender is hands down the winner. I was a broker for 7 years and at the end it was terrible. I worked for a good company and we tried and tried hard to fight for clients. It became next to impossible to close the loan on time and not look like you didn't know what you were doing. I'll never work for a broker again. EVERYTHING is done right here on the same floor, it's faster, easier for everyone and the rates are better. Plus we know right away if we can or can't do a loan. My second loan was a purchase for a mortgage broker. He worked for 6 months and couldn't do it. We did it and closed as fast as the law allowed. There simply is no comparison.
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May 26 2010
Profile picture for SoCal_Engr
@ Marketing Consultant - I could agree with some of your comments about correct grammar and spelling, except for two points.

Point 1 :: You are trying to present a position and affect people's opinions, or at least make them reconsider their personal position. It does not help your effort when it looks like you don't care enough to present a coherent argument in a readily comprehensible form.

Point 2 :: As a consumer, if you don't care enough to put some effort into a position you care enough about to attempt to proselytize others, how can I expect you to put any more effort into any work you do for me? Every exposure you have to the consumer becomes part of your calling card, try not to screw it up.

Cheers
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May 26 2010
Spell check and proof reading is a wonderful thing.  As a consumer, I was thinking the exact same thing. 
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May 26 2010
Before I take a buyer out to look at houses I encourage them to get preapproved for a mortgage.  I also suggest that they shop around for a mortgage, not all lenders are created equal and not all lenders have the same rates and same fees.  I explain to them the difference between a Mortgage Broker and a Mortgage Banker and the difference between a Mortgage Brokerage and a direct lender.  I also explain to them that many seller's want to see a preapproval from a direct lender rather than a broker, and if they want to look at foreclosed homes many banks want them to be preapproved by their lender.  But, before we even get in the car to look at a house they need to be preapproved so I know I'm not wasting my time and theirs showing them homes they can not afford.  
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June 26 2010
 
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