Anonymous
08/11/2023 21:46
Subject: Re:Realtor suggested a lender - are they going to be angry if we use a different lender?
You can use the preferred lender if you want for the preapproval letter, but once your bid is accepted shop around. If other lenders offer better deals, you could give the preferred lender a chance to match.
You also could ignore the realtor.
We were bidding in a very competitive neighborhood, so we did need a realtor who could turn around documents quickly for the bids. In the end, that lender was offering very bad rates- like 80 basis points higher than what we secured.
What people are saying about the big banks isn’t entirely accurate. BofA was ridiculous and wanted us to change the contract to get a longer closing period. But Chase was actually trying to compete with the local lenders, and promised several K in cash if they didn’t close within 30 days.
We went with Prosperity - who matched the lowest rate we found - and had a good experience.
You also could ignore the realtor.
We were bidding in a very competitive neighborhood, so we did need a realtor who could turn around documents quickly for the bids. In the end, that lender was offering very bad rates- like 80 basis points higher than what we secured.
What people are saying about the big banks isn’t entirely accurate. BofA was ridiculous and wanted us to change the contract to get a longer closing period. But Chase was actually trying to compete with the local lenders, and promised several K in cash if they didn’t close within 30 days.
We went with Prosperity - who matched the lowest rate we found - and had a good experience.
Anonymous
08/10/2023 22:55
Subject: Re:Realtor suggested a lender - are they going to be angry if we use a different lender?
Who cares what the realtor thinks. They will zip it and do their job and be thankful for the inflated commission. In the age of Zillow their cut is ridiculous anyways.
Disagree with the advice to not using a mortgage broker. Our broker was able to beat the direct banks, presumably because he knows which of the dozens of lenders he works with has most interest in a particular borrower’s profile (credit score, loan amount, location - goes into which mortgage pool your loan gets bundled into) at any given time.
AFTER the dust settled a few years later we refinanced with a sketchy online lender for an even better deal. But that could be a gamble for an acquisition rather than a refinance.
Disagree with the advice to not using a mortgage broker. Our broker was able to beat the direct banks, presumably because he knows which of the dozens of lenders he works with has most interest in a particular borrower’s profile (credit score, loan amount, location - goes into which mortgage pool your loan gets bundled into) at any given time.
AFTER the dust settled a few years later we refinanced with a sketchy online lender for an even better deal. But that could be a gamble for an acquisition rather than a refinance.
Anonymous
08/10/2023 19:43
Subject: Realtor suggested a lender - are they going to be angry if we use a different lender?
Anonymous wrote:They won’t know who you finance with until you’re at settlement - what are they going to do then? Just shop around and get the best deal for you.
This is a dmb response. Of COURSE they will know who the lender is since you have to be pre-approved to even offer on a house.
That said, your agent isn't going to be angry if you choose your own lender.
Anonymous
08/10/2023 17:23
Subject: Realtor suggested a lender - are they going to be angry if we use a different lender?
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.
No agent says anything remotely like this. They might say “lender Joe has a great track record of closing loans on time with competitive terms.” There’s a difference between that and “anyone else will phuck it up.”
Also, whoever things a Yeti cooler is a “kickback” is certifiably insane. They probably also froth over agent compensation. What a completely clueless moron.
Anonymous
08/10/2023 17:20
Subject: Realtor suggested a lender - are they going to be angry if we use a different lender?
Anonymous wrote: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?
Notorious for delays and difficulty closing. Always use someone close to home for a purchase. You can take your chance with an online company for refinancing if needed.
Anonymous
08/10/2023 17:17
Subject: Realtor suggested a lender - are they going to be angry if we use a different lender?
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.
PP here: Oh, and yes, it's illegal. But yes, it happens all the time.
You literally don’t know what you are talking about and should be banned from posting in this forum, you goddamn idiot.
Anonymous
08/10/2023 17:15
Subject: Realtor suggested a lender - are they going to be angry if we use a different lender?
Why are you scared that someone is angry with you?
Perhaps work on that, OP. Otherwise it will severely limit the things you can do in your life.
Pick the lender YOU want.
Perhaps work on that, OP. Otherwise it will severely limit the things you can do in your life.
Pick the lender YOU want.
Anonymous
08/10/2023 17:10
Subject: Realtor suggested a lender - are they going to be angry if we use a different lender?
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.
Dude, the cash is always in the cooler.
Exactly... doofus didn't even check inside.
Anonymous
08/07/2023 22:13
Subject: Realtor suggested a lender - are they going to be angry if we use a different lender?
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.
Dude, the cash is always in the cooler.
Anonymous
08/07/2023 22:11
Subject: Realtor suggested a lender - are they going to be angry if we use a different lender?
Anonymous wrote:We are working first time with a realtor that came highly recommended. We like them. However, they suggested a lender they work with, which I was fine with, but DH wanted to go to our own bank first. Is that going to make our realtor angry to the point where they would punish us in some way?
Go direct to a bank: pnc, Wells Fargo, bank of A.
Don’t use a broker. They charge a ton of fees and provide worse rates (for a commodity like product!). At a minimum compare for yourself banks versus broker’s best option.
Anonymous
08/07/2023 22:10
Subject: Realtor suggested a lender - are they going to be angry if we use a different lender?
Anonymous wrote:We are working first time with a realtor that came highly recommended. We like them. However, they suggested a lender they work with, which I was fine with, but DH wanted to go to our own bank first. Is that going to make our realtor angry to the point where they would punish us in some way?
No
We chose our own title insurer and a former Gen contractor inspector too.
I don’t like the kickbacks and biases from realtor recs; they all want a deal to close, not the right deal.
Anonymous
08/04/2023 16:41
Subject: Realtor suggested a lender - are they going to be angry if we use a different lender?
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.
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.
I am a real estate attorney. Many, if not most transactions today involve the agent getting a kickback from the lender title company or both. It is typically framed as a marketing service agreement or affiliated business arrangement but it is very common. Perhaps not with most agents both with most agents that close the vast majority of transactions.
So there's your answer, OP: if you go with a different lender, there's a good chance you're doing your realtor out of a nice kickback. But I don't know what a "mad" realtor translates into, exactly, because they still have to close the sale if they want any money at all.
Anonymous
08/04/2023 11:51
Subject: Realtor suggested a lender - are they going to be angry if we use a different lender?
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.
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.
I am a real estate attorney. Many, if not most transactions today involve the agent getting a kickback from the lender title company or both. It is typically framed as a marketing service agreement or affiliated business arrangement but it is very common. Perhaps not with most agents both with most agents that close the vast majority of transactions. [/quote
How do you know that? For several years I was the agent in my brokerage (actually two different brokerages) that had the highest volume of transactions and have never received a "kickback" from anyone-not stagers, not lenders, not title companies, not any contractor, no one. The fact that you are a real estate attorney is totally irrelevant.
Anonymous
08/04/2023 01:25
Subject: Realtor suggested a lender - are they going to be angry if we use a different lender?
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.
I am a real estate attorney. Many, if not most transactions today involve the agent getting a kickback from the lender title company or both. It is typically framed as a marketing service agreement or affiliated business arrangement but it is very common. Perhaps not with most agents both with most agents that close the vast majority of transactions.
Anonymous
08/04/2023 00:12
Subject: Realtor suggested a lender - are they going to be angry if we use a different lender?
Same poster as above at 00:07-
OP I forgot to say please use someone local, not a large bank. They have lots of red tape and such to get things done like appraisals. They often take too long! I'm a USAA member and like them for insurance and banking, but when I tried to use them myself for a mortgage it was a disaster. I had to switch to someone local. The big companies/banks just don't get our market and often don't pick up the phone after hours, which is key when you may be competing.
OP I forgot to say please use someone local, not a large bank. They have lots of red tape and such to get things done like appraisals. They often take too long! I'm a USAA member and like them for insurance and banking, but when I tried to use them myself for a mortgage it was a disaster. I had to switch to someone local. The big companies/banks just don't get our market and often don't pick up the phone after hours, which is key when you may be competing.