Do real estate agents buy into the idea that "shopping around" for a mortgage is a good thing? Or do most agents fall into the category of always recommending the same lender, secretly hoping that the buyer will NOT shop?
After all, the one referred to as "MY LENDER" is the safe choice. But is it the BEST choice?
Would your favorite lender be mad at you if you recommended another lender as well?
Buyers may not be able to completely understand the new GFE. But they are starting to discover it has made it easier to shop for a mortgage.
Last week I had the opportunity to be the second opinion lender several times.
The first choice lender was recommended by their real estate agent but the buyers decided to "shop around" and found me.
And even though the buyers had no idea of how to shop for a mortgage, stuffed into their folder was the only thing I needed to give them another opinion: the new GFE.
Naturally, the new GFE made no sense to them. It didn't need to.
It made sense to me.
Now that the GFE is standardized, the second opinion lender has a much easier job.
(You have no idea what I have learned since looking at GFE's from other lenders. Eye opening is all I will say..and the topic for another post)
A second opinion lender keeps the first choice lender honest. A second opinion lender tells your buyer you WANT him to comparison shop. It tells him you want what is best for him, not what is best for you.
Did I mention there are literally thousands of dollars at stake?
Maybe we should all get ahead of the curve. This new GFE is going to change things.
For the better.