Competition among mortgage lenders is just as fierce as it is among realtors.  As a consumer, you are constantly bombarded with advertisements on television, radio and print. A home purchase for most consumers, will be the most important and biggest purchase in their life. That's why its so important that you have a lender you can trust, one that comes recommended. Its why so many realtors recommend and use the same lender.

A good analogy would be going to see a doctor. He or she gives you their expert medical opinion, the one you went there to get and then ignoring their advice. Not listening to your realtor is the exact same thing when it comes to obtaining financing. Still you may be thinking, what's the worse that could happen? The simple answer is not getting the house you want. Case in point, I had a client whose cousin was supposedly a loan officer and is taking care of their financing. They had a pre-qual letter and everything seemed to be in order. I still recommended that they use a local lender and I recommended the lender I always use. They decided to stay with their current lender, which is understandable since he is family. They find a house, put in an offer, its accepted. They pack up and move it, the closing date comes.....and goes. Turns out that the cousin wasn't up front, he isn't the actual lender, he's a mortgage broker. Now they are out of compliance and are paying rent each day until the loan funds. The actual loan officer won't return calls...too busy.  Will they lose the house? No, because I put a stipulation in the contract allowing for just this type of issue. But, it did cost them extra money. The next time you are out house hunting and need a lender, get a referral. Ask for references and check them out. You'll save yourself time and money.