Trust Your Realtor® To Refer A Mortgage Lender

Trust your Realtor® to refer a mortgage lender

One of your best resources for referral to a mortgage lender is your Realtor®

Wouldn’t it be great if we had a money tree we could go to when wanting to purchase a home? The 18 inch high stack of paperwork to sign before closing would be reduced to a few pages. It might take a week  for the sale to finalize instead of the 30-45 day close of escrow that is required when financing a transaction. Most of us don’t have the resources to pay cash for a home and a mortgage lender is a large part of a successful home purchase. Read on to find out why you should trust your Realtor® to refer a mortgage lender.

EXPERIENCE

Realtors are approached every day by mortgage lenders who want to prove themselves in order to get referral business. Thanks to federal legislation that curtailed kickbacks and other fraudulent activities in the real estate industry after the housing crash, there can be no payment or consideration of any kind in exchange for referrals. That’s good news for the consumer. When a Realtor® refers to a lender, it is because of the good experiences that agent has had with that lender in getting loans approved in a timely manner. And experience is key to getting to the closing table. There is so much that can go wrong between getting pre-qualified by a lender and getting handed the keys to a new home. A lender who is inexperienced has a much greater likelihood of missing something that could result in a last minute hiccup, or even worse – the dreaded fall out of escrow.  An experienced lender knows all the right questions to ask up front, and all of the red flags and solutions that could arise throughout the process.  In this industry, experience makes all of the difference in the world. And your Realtors knowledge of mortgage brokers and banks is just one reason that you can trust your Realtor® to refer a mortgage lender.

LOCAL VS NATIONAL

Whether your preference is to use a big bank, a community financial institution or a mortgage broker for your home loan, it’s important that you choose a local loan officer. While national and internet lenders promise the moon, the process goes much more smoothly when the lender knows the local norms and forms required by the Arizona Association of Realtors and the Arizona purchase contract. Each state does things differently and has different laws and requirements governing the sale of real estate. So often, when a buyer brings an out of state lender with no ties to Arizona, the process of getting the correct forms filled out in a timely manner can be painful. And that pain spreads from the buyers agent to the buyer, to the seller. Deadlines get missed, breaches occur, and answers can be difficult to obtain. I often find myself sending our local forms to the national lender and then coaching them on how to fill those forms out…not a good use of anyone’s time. Relationships with local lenders is another reason why you should trust your Realtor® to refer a mortgage lender.

COMMUNICATION

The importance of communication in the home lending and purchasing process cannot be overstated. It’s so important that I will put up with an “over-communicating” lender (one who calls me and my clients MANY times a day to make sure we know exactly what’s happening at every moment) and will abandon an “under-communicating” lender at my first opportunity. I have had clients bring a lender that was afraid to deliver less than stellar news. By the time we knew what was happening, the loan was going south like college students on spring break. That increases risk to the client who must keep the seller informed at various intervals and can wind up costing that client his or her earnest money. Surprises and smooth closings are incompatible. The necessity of great communication is why you should trust your Realtor® to refer a mortgage lender

STRONGER OFFERS

In a strong sellers market like we find ourselves in now, anything that strengthens your offer, particularly in the most competitive price ranges, puts you ahead of the pack. As a sellers agent, when I’m helping my client evaluate multiple offers, the lender becomes a strong variable. I want to know that the lender knows the local market and procedures. I want to know that the lender is experienced originating loans in Arizona and understands how to keep compliant with the Arizona purchase contract.  I want to know that the lender is easy to reach at a moments notice, and communicates often and effectively. The lenders I refer to will often write a letter to the seller confirming the strength of the buyers qualifications to purchase. THAT makes for a strong, competitive offer that is likely to get accepted.

Below are links to some of the trusted lenders who have helped my clients achieve their home buying dreams. Each one has a different area of expertise including downpayment assistance programs, jumbo loans, Dr. loans and super fast mortgage approvals. Call me if you want to get matched to the right lender for your needs.

Emilio Cosculluela, Waterstone Mortgage

Aubrie Gile, Arizona Bank & Trust

Anthony Converti, Movement Mortgage

 

 

 

 

 

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