As the buyer, you have the right to work with any lender you choose. There are a couple that I recommend for a number of reasons – competency and communication being the primary two features.
Maybe you’re concerned about fee structures. I get that. Maybe you’ve got a long-time relationship with your bank and want to keep the business there. Not a problem at all.
But here’s the one request I have … make sure that your lender is competent and also willing to communicate with your agent. You know, me.
You see, a large part of the real estate transaction is pure communication. Challenges arise and challenges can be overcome so long as all the parties involved are aware of what’s happening and can work together toward a solution.
So when you’re using a mortgage broker and the standard response becomes “Well, I called the lender and they’re not calling me back,” that’s not good. Not at all. You’re the broker, you are the one getting paid. Stay on top of the transaction.
When you’re using your regular bank, loan docs are needed and the loan officer decides to take a four-day weekend and then not return calls or e-mails to update the status of the loan, that’s not good. Listing agents always assume the worst and having absolutely nothing to tell them because your loan office can’t be bothered with a phone call doesn’t help.
By all means, choose your own lenders. But make sure they understand that a major part of their job is communication with your humble buyers’ agent so that we might actually be able to keep the sale together.
Just a small request.