What About Lenders?
When your Realtor makes a suggestion for a lender, be sure to talk to that lender. There are several reasons they make recommendations.
Realtors make suggestions because they want to recommend someone reliable. Reliability is important to you, to the seller, the agents, and everyone involved in your transaction because if the deal doesn't close, everyone walks away with nothing.
When agents recommend lenders, they often develop a certain amount of "clout" in dealing with those lenders. This can help in a situation where you need to cut through "red tape" and get something done quickly.
Over the last few years, real estate companies have built up their own mortgage brokerages. "Bundled services" like this make sense because it adds another profit center to the company.
In the early days of "bundled services," the loan officers and staff were often sub-par.. Things have improved since then. However, sometimes these lenders don't have as much incentive to offer you great deals or lower rates. All you have to do is let them know you are "shopping rates" and they will probably work toward accommodating you as much as possible.
Never automatically disqualify a recommended lender, ask questions about any relationships between the lending company and your real estate agent's company
Make sure to do a some shopping for yourself. By knowing the interest rates of the market and making sure your loan officer knows you are looking at rates from other institutions, you can use that as leverage to make sure you are obtaining the best combination of service and lowest rates.
