In a perfect world, nobody should have to worry about anyone else doing their job right the first time. Unfortunately, this is not a perfect world. Such is true in the world of real estate. There are many facets of a real estate transaction and as a buyer, choosing a good mortgage broker is arguably as important as choosing a good Realtor. Why? It's simple, without money...nothing happens! Like many Realtors, I'm plagued with buyers choosing their mortgage broker without REALLY doing their homework or really understanding how important a role the mortgage broker plays. Unfortunately, this lack of understanding snowballs and can poison an entire transaction causing, additional work for the Realtor, buyer, seller and lender. This poisoning can cause delays in closing, or worse...no closing at all. In most cases, buying a home is the largest investment/purchase anyone will make. Therefore it is extremely important for buyers to protect themselves against anything that can prevent them from obtaining their goal. Unfortunately, with so many choices for mortgage brokers, its a crap shoot as to what mortgage broker can get the job done quickly and with the fewest hassles. I have a strong suggestion for all buyers. Having closed hundreds of transactions, it is important for buyers to surround themselves with professionals that have similar goals and motivations for the transaction. In other words, a Realtor typically gets paid when a transaction closes. Therefore, it would make sense to ask a Realtor for the phone numbers of several local mortgage brokers they have had success with for other clients. DON'T ASK FOR JUST ONE!!! Compare mortgage brokers...compare rates and fees, compare references. After all, this is the person responsible for presenting your financial situation to the lender (the company/bank that ultimately gives you the money to purchase a property). As a Realtor, I've had the unfortunate nightmare to work with Realtors that are also mortgage brokers. I'm sure you've heard the saying "Jack of all trades and a master of none"? Well, being a GOOD Realtor is more than a full time job. Being a GOOD mortgage broker is also a full time job. How in the world can you be both, do a professional and complete job and have time to sleep? In my experience...you can't. I'm sure I'm ticking off a few Realtor/mortgage broker combos out there, and I'm sure there are exceptions to the rule. If you do decide to work with a Realtor/mortgage broker combo...be VERY VERY involved in the entire process. Buyers...DO NOT CHOOSE A LENDER THAT IS NOT LOCAL TO THE PROPERTY YOU ARE PURCHASING!!! In New York, it traditionally takes longer to contract and close on a property than it does in Florida. Mortgage brokers are used to a certain pace based on their area. If you are uncertain about a choosing the right Realtor and/or mortgage broker, please visit my website for FREE reports that can help. Sean L. Spencer, Realtor
www.SeanLSpencer.com |
