Does the realtor help to get approved for a home loan or should we get approved and then approach one?
Home Mortgage
Zoe asked:
We are planning to buy our first home and are confused as to the getting approved for loan process. So we were wondering if the realtor can help us with that.
We are planning to buy our first home and are confused as to the getting approved for loan process. So we were wondering if the realtor can help us with that.
Thanks!
Lisa
April 1st, 2009 at 8:28 am
Tammy
some can some cannot. Just look in the yellow pages or ask a friend or family members who does their loans and use them
April 1st, 2009 at 12:57 pm
Kim
a realtor will be looking for her best interests not yours..apply with banks for one then find the realtor
April 4th, 2009 at 3:29 am
Bonnie
Sometimes your realitor can suggest a loan officer. They know who is good for working with first time home buyers and what not. Or you can go with someone who is recomended thru a friend or whatever.
April 5th, 2009 at 12:36 pm
Holly
The Realtor can help by suggesting specific lenders or mortgage brokers. Typically, they’re ones who are professional and can get the deals through. However, the Realtor really can’t “help [you] to get approved.”
Realtors like for you to be preapproved before they start working with you on finding homes. However, there’s nothing wrong with going to a Realtor and saying, “I’d like to work with you. I’m not preapproved yet. Can you suggest a couple of lenders who you know and work with that I can go to to begin the approval process?”
And especially if your situation is somewhat unusual or difficult, the Realtor may have some suggestions for lenders who’d be more willing to work with you.
Hope that helps.
April 5th, 2009 at 7:39 pm
Dora
Experienced Realtors have a couple of lenders that they like to work with because they trust them. If they say they can get a loan closed they can usually get the job done in a timely manner.
These lenders put extra effort for their Realtor’s because they keep coming back with new business.
A lazy or inexperienced lender (and there are a lot) will screw up a transaction more times than not. If the lender knows that they probably won’t be getting anymore business from a particular Realtor they often times will not put in the extra time and effort that a deal might require.
April 6th, 2009 at 2:10 am
Neil
It’s much easier on you if you get pre-approved before you start looking at homes. That way you know what price-range you should be looking in. A Realtor can recommend some loan officers for you but shouldn’t tell you which one to use.
April 6th, 2009 at 5:27 am
Jesse
To a degree, they know a lot of people in your situation so they could recommend some one to you. They make a commission off the sale price, so I don’t see how it would hurt to take a referral from them. How much you get approved for is between your credit report & the lender, nothing to do with the realtor. Really depends on the realtor you get & how much they are willing to put into selling you a house. The realtor I used was extremely helpful & I had trouble with the first loan officer I tried & the realtor recommended some one to me from a bank & with their loan officer everything went very smoothly.