Working with a lender vs. working with a GREAT lender - A Realtor’s® perspective
Posted by VIBE Realty on Wednesday, May 4th, 2022 at 12:35pm.
Here at VIBE, we pride ourselves in doing everything we can to ensure you have the best experience possible with your real estate purchases, and take it from us, who you choose to finance that purchase can make a HUGE difference.
Here are the most important insights (from a Realtor’s® perspective) about choosing a good lender, and why it really matters.
1. ) Sometimes our recommendations to work with a professional can feel like we’re pushing you in a certain direction. But as Realtors®, we are fiduciaries, which means we must operate with your best interests in mind. So when an agent recommends a few different lenders to you, chances are, they are coming pre-vetted by their personal interactions and experiences with them!
Trust us, Realtors® see it all. Sales that close late, missed deadlines, poor communication, false promises, etc… We want our clients to have the best experience possible and we want to work with good people that treat our clients with respect.
2.) A good lender will advocate for you and challenge inequities they see within the industry. Inequities and discrimination are ever-present in real estate. so it’s important to work with a devoted lender who will advocate for you and treat you with respect
3.) “But this online lender is promising me a much lower interest rate!” We see so many people that want to, “shop around” to get the best deal on their loan. While we do understand that you want a competitive rate, most of the discounts you see are just the lender’s way of advertising, and that extra money you “saved” on something will most likely show up elsewhere in the process. We would argue that it is more important to work with a vetted, reputable lender that is good at their job. The amount of damage a single bad lender can do to your home buying or selling experience is not something to take lightly.
4.) A good lender knows their field through and through and helps answer any questions you have. When you purchase a home you have a team of people working with you, a Realtor®, lender, and a title company. These folks all have very different but extremely important roles, and a good lender knows a lot about the world of finance and mortgages (much more than your Realtor® or title company!). They will be your go-to source throughout the process, and they should have a wealth of knowledge and resources at their fingertips to help you make the most informed decisions possible. This is why it’s so crucial to have a lender that is readily available and communicative - you never know when you or your agent might need to get ahold of them, or what might pop up during the process.
Overall if you are working with a Realtor® you know and trust, they should have a healthy network of reputable and hard-working lenders to connect you to. Don’t feel bad if you haven’t already gotten pre-approved prior to meeting with your Realtor® - that is totally normal and we appreciate it when folks ask us for our lender recommendations.
TLDR; ask your Realtor® for their lender recommendations and consider reaching out to them!