Comments on: Realestate agents? Are you the one who is supposed to find the lender or is the buyer? http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer/ Thu, 22 Apr 2010 00:15:59 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: eatonwrite http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer/#comment-1010 eatonwrite Fri, 01 Jan 2010 01:33:59 +0000 http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer#comment-1010 wow, you got some REALLY good answers---people must like you---suggest you give DJB best answer as she gave hugs and an invitation to e-mail her further, and strongly suggest you do an MS Word cut and paste with some of the other good answers and print it out and study them. One common theme---this IS a huge decision, every tenth of a percentage point counts, upfront fees cost less than percentage points in the long run. I have spent a lot of time in NC, some of it singing in church choirs at Montreat near Ashville, other times around Raleigh/durham where I have an aunt, cousin, and a few neices and a nephew. The one piece of advice I'd give you is this---the most important issue you will face in the net 10 years around a new house will possibly be the quality/availability of quality ground water and energy efficiency. I don't know if you're thinking rural, urban, or suburban, but whichever---put some serious thought behind the availability of quality ground water. It matters now---it's gonna matter more and more as time goes on. all the best----brian<br><b>References : </b><br> wow, you got some REALLY good answers—people must like you—suggest you give DJB best answer as she gave hugs and an invitation to e-mail her further, and strongly suggest you do an MS Word cut and paste with some of the other good answers and print it out and study them. One common theme—this IS a huge decision, every tenth of a percentage point counts, upfront fees cost less than percentage points in the long run.

I have spent a lot of time in NC, some of it singing in church choirs at Montreat near Ashville, other times around Raleigh/durham where I have an aunt, cousin, and a few neices and a nephew. The one piece of advice I’d give you is this—the most important issue you will face in the net 10 years around a new house will possibly be the quality/availability of quality ground water and energy efficiency. I don’t know if you’re thinking rural, urban, or suburban, but whichever—put some serious thought behind the availability of quality ground water. It matters now—it’s gonna matter more and more as time goes on.

all the best—-brian
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]]> By: J@$pe® http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer/#comment-1009 J@$pe® Fri, 01 Jan 2010 01:18:59 +0000 http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer#comment-1009 Realtors aren't obligated to find a lender for the buyer but most of them will at least help the buyer search various lenders. In the end, it us up to the buyer to make a final determination as to who the lender will be.<br><b>References : </b><br> Realtors aren’t obligated to find a lender for the buyer but most of them will at least help the buyer search various lenders. In the end, it us up to the buyer to make a final determination as to who the lender will be.
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]]> By: Kite Fanatic http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer/#comment-1008 Kite Fanatic Fri, 01 Jan 2010 00:49:59 +0000 http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer#comment-1008 I agree with most of the previous answers and would like to add the following: 1. A good agent will refer at least 3 lenders and never insist on working with any of them. Yes, more experienced agents will know who's got the better reputation for cost, professionalism, etc. 2. Always shop more than one lender. Most people don't know that multiple mortgage inquiries within a 14 day period will only count as one inquiry against the credit score (sometimes that period can be 30 days, but I always go with 14 days to be safe) 3. When getting quotes back, compare the APR vs the rate alone. The APR tells you the total cost of the loan over the 30 years and takes into consideration the fees involved in the loan. Caveat: for some people(those who plan on staying in the home/mortgage long term) , it's worth it to pay more fees in order to get a lower rate/payment. For others (those who only plan on being in the home/loan a short period of time) it's worth it to pay less in fees in exchange for a slightly higher rate. A good lender will go over at least two options with different rate/fee combinations. 4. When getting quotes, find out what needs to be done in order to guarantee the quoted rate. Ask whether that rate is locked, and if so, for how long. There's always that horror story of a lender quoting something only to have it change at the closing table.<br><b>References : </b><br>kitesurfer who occasionally has to sell mortgages to feed the hobby :) I agree with most of the previous answers and would like to add the following:

1. A good agent will refer at least 3 lenders and never insist on working with any of them. Yes, more experienced agents will know who’s got the better reputation for cost, professionalism, etc.

2. Always shop more than one lender. Most people don’t know that multiple mortgage inquiries within a 14 day period will only count as one inquiry against the credit score (sometimes that period can be 30 days, but I always go with 14 days to be safe)

3. When getting quotes back, compare the APR vs the rate alone. The APR tells you the total cost of the loan over the 30 years and takes into consideration the fees involved in the loan. Caveat: for some people(those who plan on staying in the home/mortgage long term) , it’s worth it to pay more fees in order to get a lower rate/payment. For others (those who only plan on being in the home/loan a short period of time) it’s worth it to pay less in fees in exchange for a slightly higher rate. A good lender will go over at least two options with different rate/fee combinations.

4. When getting quotes, find out what needs to be done in order to guarantee the quoted rate. Ask whether that rate is locked, and if so, for how long. There’s always that horror story of a lender quoting something only to have it change at the closing table.
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kitesurfer who occasionally has to sell mortgages to feed the hobby :)

]]> By: ay bay bay http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer/#comment-1007 ay bay bay Fri, 01 Jan 2010 00:27:59 +0000 http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer#comment-1007 Technically it isnt the realtors job, but it is in their best interest to close the deal, so if that means helping find a lender so they can get their comission, they would be stupid to not do so.<br><b>References : </b><br> Technically it isnt the realtors job, but it is in their best interest to close the deal, so if that means helping find a lender so they can get their comission, they would be stupid to not do so.
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]]> By: Root Worker http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer/#comment-1006 Root Worker Thu, 31 Dec 2009 23:44:59 +0000 http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer#comment-1006 Try these links....... Here you can help your friend to find a "licensed" mortgage company. Their are also questions and answers for first time home buyers. Good Luck........<br><b>References : </b><br>http://www.hud.gov/ http://www.fha.com/ Try these links…….

Here you can help your friend to find a "licensed" mortgage company.

Their are also questions and answers for first time home buyers.

Good Luck……..
References :
http://www.hud.gov/
http://www.fha.com/

]]> By: WeLoan.Us http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer/#comment-1005 WeLoan.Us Thu, 31 Dec 2009 23:27:59 +0000 http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer#comment-1005 The Realtor should have people he/she works closely with, but even so your friend needs to shop around to get different quotes from lenders. Tell him to just apply on a couple of loan quote websites and he will get a idea of rates, and also have different options instead of just going with a Realtor that just got into the business. Your property is a HUGE investment every % point counts so tell him to shop around.<br><b>References : </b><br>www.WeLoan.us www.a2zLoanQuotes.com The Realtor should have people he/she works closely with, but even so your friend needs to shop around to get different quotes from lenders. Tell him to just apply on a couple of loan quote websites and he will get a idea of rates, and also have different options instead of just going with a Realtor that just got into the business. Your property is a HUGE investment every % point counts so tell him to shop around.
References :
http://www.WeLoan.us
http://www.a2zLoanQuotes.com

]]> By: DJ B http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer/#comment-1004 DJ B Thu, 31 Dec 2009 23:12:59 +0000 http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer#comment-1004 First of all, I think I would rather work with someone more experienced, as buyers need considerably more expertise than a newbie can provide. As for mortgage and closing that is up to the buyer. As part of my services, I generally give me clients some names and let them choose. They should talk with at least three lenders to see what different programs are available and of course rates. While I can make arrangement for closing, I always ask if they prefer one place over another. Most folks don't know title companies like they do lenders. Nowadays, some Realtors (depending on the client relationship) do not want to know the borrowers financial information. For example, if the borrower is purchasing a property the agent has listed (dual agency), then it's best if the borrower keeps his financial information confidential. Since I am not a mortgage professional, I leave most of the qualifying up to the lender. I am happy to accompany the client to each lender, but it's not necessary. If I've worked the area for awhile, I know most lenders. And in some places, each real estate company has their own loan divisions and/or title companies. Again, the buyer can select whom they want to work with. If I can help further, just email me. Hugs from Minnesota!<br><b>References : </b><br> First of all, I think I would rather work with someone more experienced, as buyers need considerably more expertise than a newbie can provide.
As for mortgage and closing that is up to the buyer. As part of my services, I generally give me clients some names and let them choose. They should talk with at least three lenders to see what different programs are available and of course rates. While I can make arrangement for closing, I always ask if they prefer one place over another. Most folks don’t know title companies like they do lenders.

Nowadays, some Realtors (depending on the client relationship) do not want to know the borrowers financial information. For example, if the borrower is purchasing a property the agent has listed (dual agency), then it’s best if the borrower keeps his financial information confidential. Since I am not a mortgage professional, I leave most of the qualifying up to the lender. I am happy to accompany the client to each lender, but it’s not necessary. If I’ve worked the area for awhile, I know most lenders. And in some places, each real estate company has their own loan divisions and/or title companies. Again, the buyer can select whom they want to work with.

If I can help further, just email me. Hugs from Minnesota!
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]]> By: pearl m http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer/#comment-1003 pearl m Thu, 31 Dec 2009 22:59:59 +0000 http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer#comment-1003 find a lender on you own its all about the rate the higher the rate the more he will pay. AVOID ARM adjustable rate mortgages. average lender fee is around 4.5. look at the APR that is the key if your rate is much higher your friend could be paying too much yield spread points to the bank so the broker can make more. i found this article online http://www.directlendingplanet.com/article1.html<br><b>References : </b><br>http://www.freddiemac.com/dlink/html/PMMS/display/PMMSOutputWk.jsp?week=33&ending=20070816 find a lender on you own its all about the rate the higher the rate the more he will pay. AVOID ARM adjustable rate mortgages. average lender fee is around 4.5.
look at the APR that is the key if your rate is much higher your friend could be paying too much yield spread points to the bank so the broker can make more. i found this article online

http://www.directlendingplanet.com/article1.html
References :
http://www.freddiemac.com/dlink/html/PMMS/display/PMMSOutputWk.jsp?week=33&ending=20070816

]]> By: ROCKY http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer/#comment-1002 ROCKY Thu, 31 Dec 2009 22:11:59 +0000 http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer#comment-1002 A Real Estate Agent can advise a Homebuyer about the various lenders and maybe even assist in getting him approved, but the responsibility is the homebuyers since he/she will be the one to make the payments and should be fully informed as to the what type of loan they're getting into. Shop around for the best rate.<br><b>References : </b><br> A Real Estate Agent can advise a Homebuyer about the various lenders and maybe even assist in getting him approved, but the responsibility is the homebuyers since he/she will be the one to make the payments and should be fully informed as to the what type of loan they’re getting into.

Shop around for the best rate.
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]]> By: Landlord http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer/#comment-1001 Landlord Thu, 31 Dec 2009 21:36:59 +0000 http://www.grupgemma.org/realestate-com/realestate-agents-are-you-the-one-who-is-supposed-to-find-the-lender-or-is-the-buyer#comment-1001 What is his thinking being inexperienced and using an agent that has no clue as well? He needs to find an agent that has been around awhile. A good agent will have contacts with people he knows will perform, not just promise good rates, but GET them. Many "mortgage" people are just scum bags looking to scam people like your friend. He needs a better agent who has decent contacts. A good agent will help you with the data, but the buyer has to apply for the loan themselves.<br><b>References : </b><br> What is his thinking being inexperienced and using an agent that has no clue as well?

He needs to find an agent that has been around awhile.

A good agent will have contacts with people he knows will perform, not just promise good rates, but GET them. Many "mortgage" people are just scum bags looking to scam people like your friend. He needs a better agent who has decent contacts.

A good agent will help you with the data, but the buyer has to apply for the loan themselves.
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