I just went to "My" bank to apply for a mortgage...

By
Real Estate Agent with EXP Realty 414-525-0563 57026-90 Broker

    Sometimes when we meet a Buyer for the first time...someonBankere we know, have been referred to or has found us thru our marketing...they have been pre approved by a lender...Yaah....maybe....and maybe not. We always...without exception require a pre approval by a local lender before we begin a search...set up showings, look at the wish list, discuss communities, etc.

   The Buyer may have a familiarity with the bank...it's where they have their checking account, it is a convenient location...other services were appealing...but they really have no experience with the lender in the area of Mortgages. More than that....the Lender may not have ....the best rates or service in lending as they may have for other services.

 question  We have had loan officers who after receiving the offer to purchase asked us all kinds of questions that are clearly spelled out in the offer; i.e. "is there going to be an inspection"....or "what is the closing date".... yicks, yicks...! Questions are a wonderful thing...not when there should be a high degree of familiarity with an offer...and what it contains or where to find it in the "fine print."

   We always say...if you are spending a bunch of money...it is always worth the time to interview more than onc source...to know the questions to ask...to feel comfortable with the qualification of the loan officer...AND the lender before choosing one is an investment partner.

    Different lending institutions offer different programs for people with different needs...bankers, mortgage bankers, local bankers with in house portfolio loans and credit unions are all options...research will help you...your real estate agent may suggest lenders best suited to your situation. Research, review...ask questions. 

    This has been an educational post brought to you by Sally K. & David L. Hanson, Broker Associates with EXP Realty LLC honored to be of service for all things real estate in southeastern Wisconsin.

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Sally K. & David L. Hanson, ABR, CDPE, CSS, e-Pro,ILHM, REDS


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Rainmaker
1,175,842
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Sally K. & David L. Hanson - There is a lot of competition out there and buyers should do some shopping to make sure they have the right partner to help them. 

Jul 10, 2019 07:59 AM #4
Rainmaker
1,872,120
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Sally and David - there are plenty of horror stories about Banks.  As the Realtor you need to guide the buyer.

Jul 10, 2019 08:02 AM #5
Rainmaker
1,840,005
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

This requires due diligence and it is impossibly unfair of you to want people to do their own research.  One size should fit all.  Everyone should get the same all the time.  There are no differences so any bank should give the same to everyone.

Wait, that can't work...

Jul 10, 2019 10:20 AM #6
Ambassador
3,762,566
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sally and David it would be a major red flag for me if a Loan Originator or Lender has a copy of the Sales and Purchase agreement and is asking those questions!

Jul 10, 2019 10:35 AM #7
Rainmaker
3,017,440
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Sally, I'm very careful in finding out if prospective clients have received a true pre-approval from "their" bank or just a quick pre-qualification. I always encourage them to speak with a couple of lenders before making a final decision. Just had a client who is looking to refi tell me she was working with her bank and when I asked what rate they quoted her, I almost fell off my chair when she said 4.75% because they told her rates were going up! What? Rates were going down. In any event, I put her together with one of my best lenders and that very day she was locked for a much lower rate which was further reduced because she is a teacher.

Jul 10, 2019 10:50 AM #8
Rainmaker
3,213,884
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Often Nina Hollander Borrowers have no idea how much their credit score can mean to the rate !

Jul 10, 2019 10:52 AM #9
Rainmaker
3,017,440
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Sally... that was a point, I failed to mention. She had an excellent credit score of over 750! I have another client whose locked rate was is 4.25 with a credit score of 680 before rates dropped again recently. I knew someone was trying to "take advantage" of my little teacher.

Jul 10, 2019 10:54 AM #10
Rainmaker
2,481,431
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I don't feel as if I should force anyone to choose a lender that I know and trust, although I always encourage them to.  Currently, I have buyers that went with their credit union and are learning the hard way that they didn't make the right choice.  I think it will close, but they are certainly frustrated with the process and the fact that it has been delayed by their credit union.

Jul 10, 2019 11:03 AM #11
Rainmaker
3,213,884
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

You can't really force then Brian England but if a lender has a bad reputation for servicing or not being able to close it's best to give buyers a heads up !

Jul 10, 2019 11:08 AM #12
Rainmaker
1,493,839
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Hello Sally K. & David L. Hanson, some buyers feel comfortable working with their preferred lender without asking any questions, others ask for recommendations.   I do provide them with a list of lenders I've personally worked with and have a great experience but at the end of the day, it's their choice. 

Jul 10, 2019 11:41 AM #13
Rainmaker
3,213,884
Sally K. & David L. Hanson
EXP Realty 414-525-0563 - Brookfield, WI
WI Realtors - Luxury - Divorce

Absolutely Beth Atalay ....it's refreshing when they sre open to knowling/learning what they don't know.

Jul 10, 2019 11:48 AM #14
Rainer
135,832
Sam Kader MLO 130505 MB 78982
Pacific Coast Financial LLC Lic# MB78982 - Seattle, WA
Real Estate NMLS 91980 Mortgage Broker Lic MB78982

Great posting Sally and David. Always go with your local mortgage broker. 

Jul 10, 2019 07:26 PM #15
Ambassador
3,806,778
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi Sally and David- I think that many buyers don't understand the need to shop around for the best rates and packages for them. 

Jul 10, 2019 07:29 PM #16
Rainmaker
1,523,751
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

Could it be... do some consumers think that ALL lenders offer the same programs, rates, terms, etc?

Jul 10, 2019 08:38 PM #17
Rainmaker
2,856,166
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Sally.

I tell my clients to at least check with several different lenders.  Most find out soon enough which one they would prefer to work with. 

Jul 11, 2019 01:10 AM #18
Rainmaker
183,243
Debra Kukulski, Broker Associate
RE/MAX Unlimited Northwest - Cary, IL
SRES;SFR,CDPE;GRI;ABR;e-PRO Realtor, Northern IL

Very good post! Some local banks do not do many mortgages.

Jul 11, 2019 05:21 AM #19
Rainmaker
5,310,483
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

I have always tried to recommend local mortgatge loan officers who offer outstanding service and competitive products.

Jul 11, 2019 10:41 AM #20
Rainmaker
398,287
John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

This is an important issue to help the buy understand.

Many issues can arise from choosing the "wrong" lender.

Rates and their charges can differ. In a tight market the buyer may need quick conversations with the lender to proceed with an offer. If the lender does not offer weekend phone calls, or even evening calls, the buyer could lose out on their dream home.

Thanks for raising our awareness and hopefully the buyers will take note.

Jul 11, 2019 01:23 PM #21
Ambassador
3,939,329
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Sally and David:

I've had a couple of buyers who tried to work through THEIR banks and it was a mess - but of course some are much better than other. In one case buyers decided to pay cash since after a couple of weeks they were told they could not get the loan they needed but had been told all along there was no issue. They left the bank (and they had a lot of money invested there).

Jeff

Jul 12, 2019 06:01 PM #22
Rainmaker
972,331
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Interviewing clients about their lender includes asking the right questions.  Making sure they are pre-approved versus being pre-qualified provides them with the best "ammunition" to get their offer viewed and hopefully accepted.  Finding the one lender that feels right, communicates well, and lays out the groundwork for a buyer is critical. Great post!

Jul 13, 2019 06:49 PM #23
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Rainmaker
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Sally K. & David L. Hanson

WI Realtors - Luxury - Divorce
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