Beware Of The Realtors Referral To A Specific Lender, It May Not Be The Best Choice.
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"Beware of the Realtors Referral to A specific Lender, It may not be the best Choice."
Choosing a lender just because they are recommended by your Realtor can be a mistake. Your Realtor may not be a financial expert. They may not know what's the best loan for you. The Realtor may only gets a commission when your house closes. As a result the Realtor may refer you to a lender that is sure to close the loan, but not necessarily the lender that has favorable rates or fees. Also many Realtors refer you to their friends in the loan business who again may not be able to get the best loan for you. Even if the Realtor is very professional and looking out for your best interest, you should still do homework on your own. We recommend shopping for a loan with at least 3 mortgage companies before you make a decision. There are countless stories of consumers who wound up paying higher rates or getting a loan program that was not right for them, because they blindly followed their Realtor's advice. When most people think about choosing a mortgage lender, they think about finding the lowest rate. Of course, financial considerations are important to every home buyer, and you certainly should consider the different rates lenders in your area offer on comparable loans. But you also want a lender you can trust, and someone you can work with effectively. So don't let rates be your only criteria. There is little difference between a bank, savings and loan, or a mortgage broker when it comes to the competitiveness of their loan rates. The difference is in the service they provide. The loan professional that has made this information available to you specializes in assisting those individuals with obtaining a home loan whether for purchase or refinance.
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