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If I choose Realtor,should I take their Lender. How do I find my Lender?

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March 21 2013 - Berkeley
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Profile picture for sunnyview
No. I think that you need to make sure that the lender you hire works for you not your agent. You need honesty, the ability to close on time and a knowledgeable lender who can give you the information you need to pick a comfortable loan product.

You are free to take referrals from your agent, but you need to interview them yourself. If you feel that they will be unable to keep your financial information private from your agent or have more loyalty to the agent then you, say thanks but no thanks and look elsewhere.
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March 22 2013
Hi,

You can search around for a few lenders you can interview, along with the one the agent recommends, then make a decision that works fr you.

Kind regards,

Arpad

  
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May 02
hi, you do not have to accept your Realtor's recommended lender...it is our choice to make...good luck!
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May 02
@Tonia,

Sounds good, so what lenders are you currently working with in Peoria, AZ.  Would love to provide you information?
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April 25
REALTORS are in the real estate business, day in and day out. We work it 7-days a week, our community we share out time with is other REALTORS. So it stands to reason, that we get the skinny on good and bad lenders. A consumer can use anyone they want but many times buyers ask for recommendations. The public needs to know.we do not get paid by lenders for referrals, that is against RESPA law. Ask for a few good lenders, compare them, their service, etc and then make your choice. With all the new laws in places lenders cannot gouge the buyer w/ outrageous closing costs. They are limited in fees they can charge and money they can make off the loan, so the fear of some lender charging you outrageous fees or interest rates has been resolved by new laws for the most part. You need a lender who can close and close on time. That should be paramount in your decision because that is the part that will wreak havoc on your deal and could cause you to lose a home and money/time invested in that purchase up until that point (inspections/appraisal and possibly earnest money. Get a lender who doesn't regard COE as an ETA. COE is the day the seller wants their money. They too have to move and may need those funds. So you not closing will negatively impact them and then bad feelings and anger start coming into the equation. 
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April 25

You can shop around for lenders in your area to ge tthe best rate. I have some realtor friends and they use me because we are extremley competitive with low rates and close within 3 - 3 1/2 weeks.

As it was said below by a realtor they normally will suggest a lender they use to get quick results for you.

Good luck!

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July 26 2013
You do not need to use their lender. You can shop around for the lender that best fits you.
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July 26 2013
Profile picture for Bench8
My Realtor did suggest a lender and I did follow up with him, I was pre-approved and now with the rates going up, he dosent seem to be locking in the rate. I asked him to lock the rate when it was at 3.5% and its been over a week now and he wont lock in a rate. I feel he is waiting for rates to get higher. I have been pre approved for an FHA loan with my father as the non-occupant co-signer.
However I would prefer to go with a conventional loan but the lender I am working with says I don't qualify for a conventional loan as my father is a non-occupant co-signer.
Do you know any lender who can help me get approved for a conventional loan with a non-occupant co-signer ??
The down payment I am able to make 5%.
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June 25 2013
As a REALTOR, I of course recommend lenders that I have an experience with, I know how they work (and vice versa), are ethical, offer good products and most importantly GET THE JOB DONE.  

Nothing worse than finding out 2 days before closing you didnt qualify or that you need to move the close back a week or two. 

I always give my clients options though.  Hopefully they hired me cause I came highly recommended from a friend or family member.  They put a lot of trust in me.  And with that, I tell them to talk with at least 2 lenders, and make sure they feel comfortable with the lender and that they can deliver.  

If your REALTOR or Lender doesnt call you back in a reasonable time in the first couple of days that you are working with them (Unless they let you know upfront) then it probably isnt going to change thru the process.  

Now, I do highly stress that lenders that are LOCAL usually are able to deliver better (Not always) since they know the local trends.  I cant tell you how many online lenders that do not know GA traditions end up having to change things to accommodate.  

As an example, I had a lender tell a buyer moving from Michigan that his wife had to FLY in for the closing to sign a document that she was aware he was buying a house here -- Even though she wasnt on the loan or the deed.  Because in MI, you are unable to buy or sell property with out your spouse's knowledge.  I just saved my client over $400 in a plane ticket and her taking 2 days off of work. 

So don't discount your REALTOR's lenders.   But make sure you feel good about who you are working with.  It's a stressful and BIG decision buying a house and you want to surround yourself with a team that works together to make it as easy as possible.  
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April 07 2013
I wouldn't discount "online" lenders.  Hundreds of thousands of Zillow customers have found their lender online and with huge success.  This is evidenced by the five-star reviews of Zillow's "online" lenders.

"Online" IS where we should be going to check out what others have to say about every professional we consider hiring. 
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April 07 2013
Agents may have a network. They can refer you to a lender. Some buyers may not have a clue of where to start. You have the choice to go with your own.
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April 07 2013
Your realtor is merely offering some choices for you. You are certainly free to choose your own lender.

The reason why realtors will refer you to some lenders is because we have found certain lenders to be responsive, responsible, resourceful and trust worthy. Oftentimes, an escrow may be held up by situations pertaining to the lending process. Knowing how well the lenders work, it's possible to avoid certain scenarios and delays.

When working with a lender, you need a personal and direct relationship -- someone you can call on the cell phone, and after hours and on weekends if need be.

Don't be a faceless number which you can be when working with online lenders you never meet, and who has different people handling your account each time you call. 

Good luck.
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April 05 2013
it is illegal for the Realtor and Loan officer to pay referrals to one another for shared business, 
=====================
Yet it happens anyhow. Even the sisters confessed that their office did it.

Sometimes they use cute little phrases like "marketing agreement" or my all time favorite, "desk rental". 

I knew one RE office that if the inhouse people did the loan and cloisng then the agent got paid the date of closing, otherwise they had to wait until the following month to get paid.
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March 25 2013
This is a critical step. The lender you chose will have every bit as much to do with your home buying success as you and your Realtor, so the choice is important.

It is illegal for the Realtor and Loan officer to pay referrals to one another for shared business, so there shouldn't be that type of mistrust in selecting someone the Realtor recommends.

You'll find a lender will tend to tell you that you should not take the Realtors lender and Realtors will tell you to chose one they have worked with and  they know and trust their track record. 

It's up to you to determine with the people you trust what is the right choice for you. 

There are many ways to chose a lender, but be sure that you understand rate is that the only important factor and when being quoted rates you want them all quoted with zero points and make sure you know the sum of the additional fees, so you can compare apples to apples.
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March 25 2013
I've worked for real estate companies who have in house lenders.  As an agent I was entitled to a premium is I referred a buyer.  I NEVER DID.

I know local lenders who are responsive, honest and get the job done.  I give buyers several to pick from.  A good buyers agent will have experience with more than one lender and not steer you to a single one.
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March 22 2013
You need to choose a lender that you are comfortable with.  Rarely do I ask some one to use my lender.  I have however given several names to choose from so you can interview them and see which one you are most comfortable with.  I have told clients who not to use.  Trusting your Realtor is key sometimes you have to go with your gut. 
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March 22 2013
Always a sensitive yet very important question.

The benefit of using a recommended lender/broker is that your agent will have an established relationship with that lender/broker which can be absolutely invaluable if/when the deal get's rocky. 

Be open to their recommendations, but again....you are the customer and the final decision is ultimately yours.  Just beware........fore warned is fore armed.
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March 22 2013
You can find an excellent lender in Zillow Mortgage Marketplace.  Enter a loan scenario and you will find more lenders than you knew existed.  You can see the rate they can offer as well as read past reviews from other clients. 

If you choose to go with a lender other than your agent's suggested one, don't let any lender order your credit other than the one you choose to work with.  Unless you think there is a reason your credit score might disqualify you from a loan, there is no need for everyone, including the lender your Realtor may suggest, in-house or not, order your credit if you are not going to fund your loan with them.

And it is entirely unnecessary for your agent to "want you to get pre-approved from their lender as well as the lender of your choice.  This is a waste of time unless you have credit issues and anyone who provides you a quote will need to see your credit report or a copy from someone else. 

And what does a borrower's financial qualifications have to do with how well a Realtor can assist the client?  Knowing any more than what amount the borrower qualifies for and that they can meet the terms of the loan is all a Realtor needs to know.

This isn't difficult, but people can make it difficult by steering you their way to their people.  They aren't all bad people, but they aren't all good, either.  You can find out a ton about a lender here on Zillow or by Googling them and their company.

Compare quotes and notes and do a lot of research and you should find a lender you're very comfortable working with. 
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March 22 2013
You are not obligated to use the lender that the realtor provides or suggest, however if you trust your realtor  then you should value their advice and be open to the suggestions that they make. Usually from experience on past transaction a realtor will suggest for their clients to use a preferred lender to make the transaction go smoother. Also some brokerages may have in house lenders that they may suggest you get pre-approved from, you may not use them for your final loan, but they may want you to get pre-approved from their lender as well as the lender of your choice. If you decide to use your own lender make sure that your realtor and lender are in communication prior to you viewing homes or even putting in offers on properties. This helps the process in the long run and leaves little room for error, the more the realtor knows about your financial qualifications which should be assessed by the lender that you are using the better the realtor will be able to assist you. 
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March 21 2013
 
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