Why Realtors Should Want Their Buyers Working With an experienced Mortgage Broker

Getting the offer accepted is only half the battle, getting it closed is the goal.

The right loan officer can help keep the deal moving, communicate clearly, solve problems and close on time. And can even assist in a positive transaction experience for the buyer and/or the seller!  

The wrong lender can put the entire transaction at risk and even cause your reputation to suffer!

What to Know

1. More Lenders = More Options

Banks and direct lenders generally offer their own pricing, programs and guidelines.

A mortgage broker can shop multiple wholesale lenders for rates, lender fees, programs, guidelines and turn times.

One lender may be better for conventional financing while another may be stronger for loan types like FHA, VA, USDA, manufactured homes, unique properties or borrowers with unconventional qualifying scenarios.

That flexibility can be extremely valuable when you're trying to get a transaction closed.

2. Better Loan Pricing Can Help Your Buyer

Your buyers shouldn't assume a big bank or national lender automatically has the best mortgage deal.  Even a relatively small difference in rate, points or lender fees can potentially save a borrower thousands of dollars.

Shop the loan price, not just the rate. The real question isn't simply,

"What's your rate?"

It's:  "What's the rate, and what does that rate cost?"

3. Realtors Need Pre-Approvals They Can Trust

A pre-approval letter is only as good as the loan officer's experience and ability behind it.

Income, assets, credit, debts, employment, down payment and loan-program requirements should be carefully reviewed before the buyer gets into contract.

Finding a problem early can often be manageable.  Finding it days before closing can put your entire transaction at risk.

4. When Problems Happen, Options Matter

Purchase transactions & the loans behind them don't always go according to plan.

Underwriting issues, appraisal problems, lender overlays or unusual property conditions can suddenly create problems.  An experienced mortgage broker can anticipate many of these issues & provide solutions before they cause last second problems.

Not every loan problem can be fixed—but working with an experienced mortgage broker can help save transactions.

5. Communication Matters

Realtors shouldn't have to chase the lender to find out what's happening with their transaction.  You need to know whether the appraisal is complete, underwriting is progressing, conditions are outstanding and the loan is on schedule to close.

Good communication helps identify problems early and keeps everyone moving toward closing.

6. Don't Let Advertised Rates Fool Your Buyer

Your buyers see low mortgage rates advertised everywhere.  But that advertised rate may require discount points, substantial fees, excellent credit, a specific down payment or other conditions.

Sometimes those advertised rates are not truthful!

That's why buyers need to compare the rate AND the cost of getting that rate, along with the reputation of the lender providing the rate quote.

A lower rate isn't necessarily a better deal if it costs thousands more upfront or a lender can't deliver that rate.

7. Encourage Your Buyer to Get a Second Opinion

Already pre-approved with a bank? Great.

Using a big online lender? Fine.

Getting financing from the builder's preferred lender? No problem.

Get a second opinion before committing.

Have a mortgage broker compare the numbers using the same loan amount, program and rate.  It is very likely your buyer can save thousands with a mortgage broker.  It costs nothing to compare!

The Bottom Line for Realtors

Your lender is part of your transaction team.

You want someone who understands guidelines, communicates, catches problems early and knows how to get loans closed.

An experienced mortgage broker adds another important advantage:

CHOICE.

More lenders can mean better pricing, more programs, greater flexibility and more ways to solve problems.

Have a Buyer Who Needs Financing—or Just a Second Opinion?

Send them my way.

I'll review their financing, explain the numbers clearly and compare their current loan quote against the options available.

No sales pressure. Just straight answers, competitive loan pricing and an experienced loan officer focused on getting your transaction closed.

Shop the loan price, not just the rate.