Why You Should Choose Your Agent’s Preferred Lender
I’ve dealt with numerous mortgage brokers in my real estate career and have noticed a common pattern with loan officer experiences.
Often, when the home buyer chooses their own lender, it becomes a turbulent ride.
As an example, I worked with a couple who decided to choose their own loan officer because of their “slightly lower interest rates and cheap fees.” Mind you, when they told me who it was, I actually recommended against this bank as they were notorious for problematic transactions.
During the transaction, not only did we experience several hurdles with this loan officer, we were nearing closing time when all of a sudden, we find out that the loan was not going to close on time and by the way… there was no financial contingency in this particular deal to safeguard us.
Our earnest money (or good faith money) that was on the line was over $20,000 dollars meaning if we didn’t close by a certain date, we lose it all along with the inspection and the appraisal money that we invested during this transaction.
Luckily, my motto of “make it happen” kicked in and I was able to convince the listing agent to grant us the extension and we ended up closing on good terms yet the seller’s actually had in their hands the ability to take 20k of my clients money with no repercussion because of the loan officers mistake. My client’s verbatim said they hated mortgage institution and will never use them again.
Now this is just an example of what may happen when you choose just any mortgage broker.
So why should you trust your realtor to choose your mortgage broker for you?
Keep in mind that we real estate agent’s are pursued by mortgage brokers just like we agents pursue buyers and sellers business.
We choose our preferred lenders via referrals and reviews and have used dozens of different brokers and if they are like me… they choose to continue working with only the BEST ones in the industry.
So approach your real estate agent first and ask them who their preferred lender is.
If you’d like to know who WE at ODIGO highly recommend as our preferred lenders, please connect with us!
Hope this helps!
Again this is Peter, your modern expert at Odigo