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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][b]They get a kickback from their preferred mortgage lender[/b]. Just go with your own bank. Who cares if they are "mad"? It's business. [/quote]

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

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.[/quote]

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.[/quote]

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. [/quote]

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. [/quote]

So you’re weighing a possible, not likely, delay of a few days or a week against a years at a non-competitive mortgage interest rate.

Sounds like you think closing and getting your commission is more important than saving OP money. [/quote]

Why do you think a nonbank lender would have a non competitive interest rate? That's one hell of an assumption, and is baseless. And I wouldn't discount the importance of closing fast and on time. [/quote]

OP needs the lowest rate, not just a “competitive” rate. Small basis point differences can really add up on a large mortgage over time. Geez.

Yes, closing fast is good. But this chicken little stuff about how only the realtors’ pals can close fast is self-serving nonsense. [/quote]

Ffs. You're playing in a world of what ifs. Why do you assume that a nonbank lender is offering worse rates than a large bank. In general, the reverse is true.

No one said only a realtors pal can close fast. It's undeniably true that nonbank lenders can close faster than large banks.

PS I don't care about realtors, but I do work in banking. [/quote]

FFS It wasn’t a bank vs nonbank thing. It was the realtor’s pal vs. EVERYBODY  else.

And yes, a realtor or two here DID warn against closing with anybody besides their pal because of the alleged risk of delays. Re-read the thread.

I didn’t assume or claim that the realtor’s pal can’t offer “low” rates. I’m challenging the assumption that you need to focus on the time to closing at the potential expense of getting the LOWEST rate, because the LOWEST rate may not come from the realtor’s pal.[/quote]

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