Realtor suggested a lender - are they going to be angry if we use a different lender?

[Anonymous]

Your realtor does not care what lender you use as long as you use one that will close the deal in a timely manner.

[Anonymous]

Anonymous wrote:1. Who cares if they get "angry." They work for you. You're the boss, so act like it.

2. You should be getting quotes from 3 lenders in order to haggle them down and make them compete for your business. I'd get a quote from the realtors lender just to see what kind of pricing or relationship discounts they will offer you. Get an offer from DH's bank and then get a 3rd offer from an online lender.

Don't be a pushover.

This is the worst advice. You should NEVER use an online lender. NEVER.

[Anonymous]

One of the main services your realtor provides is knowledge and experience - they have hopefully done hundreds of real estate closings. For a closing to go smoothly it requires both your real estate agent and your lender working well together and no one dropping the ball. There are plenty of subpar realtors and lenders out there who can really mess up your home purchase. I'd ask your realtor if there's anyone at your bank they would recommend and also why they recommend the lender they do. FWIW lots of realtors work with mortgage brokers who can set up your loan at ANY bank so you can really shop around while working with that broker vs. working with a single bank that has a narrower range of products. What your really want in your realtor and broker is a lot of experience, efficiency and responsiveness.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:They get a kickback from their preferred mortgage lender. Just go with your own bank. Who cares if they are "mad"? It's business.

Please refrain from posting anymore if you are going to make false statements like this.

What?

Posted it it because I know people in the business -- it is absolutely not false at all. Realtors get commissions when buyers go with their preferred lenders.

Realtor here. I sell a lot of homes. I don't know any lender anywhere who gives a financial kickback to an agent. Both could lose their license. I'm not losing my license over, wait for it, a $400 yeti cooler.

[Anonymous]

I've seen a payment to the realtor listed transparently in the mortgage brokers' fees.

[Anonymous]

Anonymous wrote:

Anonymous wrote:1. Who cares if they get "angry." They work for you. You're the boss, so act like it.

2. You should be getting quotes from 3 lenders in order to haggle them down and make them compete for your business. I'd get a quote from the realtors lender just to see what kind of pricing or relationship discounts they will offer you. Get an offer from DH's bank and then get a 3rd offer from an online lender.

Don't be a pushover.

This is the worst advice. You should NEVER use an online lender. NEVER.

why?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:They get a kickback from their preferred mortgage lender. Just go with your own bank. Who cares if they are "mad"? It's business.

Please refrain from posting anymore if you are going to make false statements like this.

If you think that lenders don't give valuable gifts to realtors that send them business you have no idea what you're talking about. I processed loans for a broker that sent $400 Yeti coolers to 30 agents one year.

that was a fair amount of money for the lender, but $400 is not really that much of a kickback. it's not even cash.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:They get a kickback from their preferred mortgage lender. Just go with your own bank. Who cares if they are "mad"? It's business.

Please refrain from posting anymore if you are going to make false statements like this.

If you think that lenders don't give valuable gifts to realtors that send them business you have no idea what you're talking about. I processed loans for a broker that sent $400 Yeti coolers to 30 agents one year.

that was a fair amount of money for the lender, but $400 is not really that much of a kickback. it's not even cash.

NP. OP needs to get the lowest possible rate. Not the whatever rate offered by the lender that gifts Yeti coolers.

Also, don’t believe the realtors here who tell you that anybody but their broker/lender will mess up the transaction. Or that the transaction will be messed up in the absence of a pre-existing “close working relationship.” Lenders and title lawyers do this multiple times a day and they don’t need their hands held by someone’s realtor.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:They get a kickback from their preferred mortgage lender. Just go with your own bank. Who cares if they are "mad"? It's business.

Please refrain from posting anymore if you are going to make false statements like this.

What?

Posted it it because I know people in the business -- it is absolutely not false at all. Realtors get commissions when buyers go with their preferred lenders.

Realtor here. I sell a lot of homes. I don't know any lender anywhere who gives a financial kickback to an agent. Both could lose their license. I'm not losing my license over, wait for it, a $400 yeti cooler.

So you don’t take financial kickbacks. Do you take in-kind kickbacks? A Yeti cooler?

I’m fascinated by this whole scene. Of course you don’t want to declare a financial kickback on your taxes. But presumably the Yeti brokerage is deducting it as a business expense and that’s why pp saw it on their taxes.

What a racket. It seems similar to the realtor saying “you must use my stager and contractors.” What’s going on that we can’t see?

[Anonymous]

Definitely need to get multiple quotes. Things like title insurance vary widely, and lenders will often match each others offers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:They get a kickback from their preferred mortgage lender. Just go with your own bank. Who cares if they are "mad"? It's business.

Please refrain from posting anymore if you are going to make false statements like this.

What?

Posted it it because I know people in the business -- it is absolutely not false at all. Realtors get commissions when buyers go with their preferred lenders.

Realtor here. I sell a lot of homes. I don't know any lender anywhere who gives a financial kickback to an agent. Both could lose their license. I'm not losing my license over, wait for it, a $400 yeti cooler.

Why would you lose your license for accepting a piece of branded swag from an industry colleague?

[Anonymous]

Anonymous wrote:

Anonymous wrote:1. Who cares if they get "angry." They work for you. You're the boss, so act like it.

2. You should be getting quotes from 3 lenders in order to haggle them down and make them compete for your business. I'd get a quote from the realtors lender just to see what kind of pricing or relationship discounts they will offer you. Get an offer from DH's bank and then get a 3rd offer from an online lender.

Don't be a pushover.

This is the worst advice. You should NEVER use an online lender. NEVER.

Absent anything more concrete, it seems you're a brick-and-mortar lender.

[Anonymous]

Anonymous wrote:I've seen a payment to the realtor listed transparently in the mortgage brokers' fees.

When? It's been illegal for years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:They get a kickback from their preferred mortgage lender. Just go with your own bank. Who cares if they are "mad"? It's business.

Please refrain from posting anymore if you are going to make false statements like this.

If you think that lenders don't give valuable gifts to realtors that send them business you have no idea what you're talking about. I processed loans for a broker that sent $400 Yeti coolers to 30 agents one year.

that was a fair amount of money for the lender, but $400 is not really that much of a kickback. it's not even cash.

NP. OP needs to get the lowest possible rate. Not the whatever rate offered by the lender that gifts Yeti coolers.

Also, don’t believe the realtors here who tell you that anybody but their broker/lender will mess up the transaction. Or that the transaction will be messed up in the absence of a pre-existing “close working relationship.” Lenders and title lawyers do this multiple times a day and they don’t need their hands held by someone’s realtor.

NP. OP needs a lender who can close on time. Captive lenders can usually close fast. We sold a house and the buyer used a national bank and had to push closing back twice. On the third request we just canceled the contract and ended up selling for a bit more.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:They get a kickback from their preferred mortgage lender. Just go with your own bank. Who cares if they are "mad"? It's business.

Please refrain from posting anymore if you are going to make false statements like this.

If you think that lenders don't give valuable gifts to realtors that send them business you have no idea what you're talking about. I processed loans for a broker that sent $400 Yeti coolers to 30 agents one year.

that was a fair amount of money for the lender, but $400 is not really that much of a kickback. it's not even cash.

NP. OP needs to get the lowest possible rate. Not the whatever rate offered by the lender that gifts Yeti coolers.

Also, don’t believe the realtors here who tell you that anybody but their broker/lender will mess up the transaction. Or that the transaction will be messed up in the absence of a pre-existing “close working relationship.” Lenders and title lawyers do this multiple times a day and they don’t need their hands held by someone’s realtor.

NP. OP needs a lender who can close on time. Captive lenders can usually close fast. We sold a house and the buyer used a national bank and had to push closing back twice. On the third request we just canceled the contract and ended up selling for a bit more.

I think you mean a nonbank lender, not a captive lender. Anyways, the nonbank lenders are much faster on underwriting and can close in half the time as a large bank.