Realtors and Lenders - My Loan Tailor

Realtors

As noted by realtor.com, a realtor is either an agent or a broker, who is a member of the National Association of Realtors. Members must do business according to a comprehensive standard of ethics. When you are trying to choose a real estate agent and/or broker, remember to choose a Realtor to insure that your interests are placed first.

A Real Estate Agent or Real Estate Broker is someone who acts as an intermediary between sellers and buyers of real estate/property and attempts to match up sellers and buyers to engage in the transaction and transfer of real estate/property.

Throughout this section, we will refer to Realtor’s, Real Estate Agents, Real Estate Brokers as “agent”

When choosing an agent, there are several important factors that you will have to consider in order to make the best choice. According to realtor.com, “52% of first-time buyers found their Realtor through a friend—and two-thirds contacted only one agent before moving forward.” Don’t make the same mistakes.

Experience

How long has the agent been in business? You aren’t limited to lifers in your selection, but according to bankrate.com, “If they haven’t been in business 5 years, they’re more than likely learning on you and that may not good.”
What additional specialized training has your Realtor completed? 3 examples are CRS (Certified Residential Specialists), ABR (Accredited Buyer’s Representatives), and SRES (Seniors Real Estate Specialists).
Is Your Realtor part of a team? Working alone isn’t bad, but a larger team generally has superior capabilities when it comes to giving you more comprehensive assistance.

Reviews

Has your agent had any disciplinary actions or complaints filed against him or her? Your State’s regulation board has this information and potentially online as well.
What do previous clients have to say? Find out what the worst thing a previous client has to say is, as well as the most outstanding recommendation, and then determine the average.
What do industry peers say about your prospective agent? Look for “Realtor of the Year” awards that are given by the state or local branch of the National Association of Realtors (NAR).

Specialized

How available is your potential agent? Find out about if any upcoming vacations, conferences, or any other long period of unavailability, will affect your purchase.
How long has the Realtor lived in the neighborhood that you’re trying to buy into? Local experience is an extremely valuable trait of your potential Realtor and it will enable you to glean insights about your desired property or neighborhood that you wouldn’t have access to
What do the agent’s other listings reveal? A suitable potential agent will have excellent presentation, which is really helpful for determining the volume of business they are currently doing. You can tell if business is booming, slacking, or normal by the agent’s other postings and the amount of time that the postings are active.

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Lenders

Expert Mark Green, in Forbes, says, ”…The best salespeople are the biggest producers in the mortgage lending industry.” Lenders need your business. If you choose wisely, you will get the best deal. Choose incorrectly and you will be shackled to a bad deal, and you may find yourself underwater in bad housing market conditions.

By following this guide and answering the questions presented within, you can skip the mistakes that end up costing people unnecessarily for years to come.

Determine the best fit for your situation?

What do you have and what do you need to borrow? Determine exactly how much cash you have and how large the principal of your loan will be.
Do you need a mortgage broker? You must decide if you would like someone to be the middle man between you and the lender. A broker is helpful for doing most of the heavy lifting of this process. Just remember that brokers may be motivated by seeking the highest profit instead of the best deal for you.
Do you prefer a small or large lender? Big lenders are your best bet for securing the lowest interest rate, while small lenders will present you with superior customer service options.

Research

When you’re searching online, be advised that many of the mortgage quote generators will sell your information to 3rd party lending affiliates. Don’t be afraid to do your research in person, directly with lenders.
Find the best terms because lenders are competing for your business. Find out the specific details about PMI, fees, and commissions, to accurately compare lenders.
Find the most comfortable fit, and you won’t do that by going with the first company that you meet with. Is your lender exerting undue pressure to sign quickly? That can be a huge red flag. Does your lender bristle at the amount of questions you are asking? That can be a big red flag too.

Narrow it Down

What are my prospective lenders’ reputations? Find out what steps your lenders have taken to avoid the pitfalls of the sub-prime mortgage crisis. Find out if your lenders have been tied up in any foreclosure or misleading consumers scandals.
What does my realtor have to say? Ask you realtor for input regarding potential lenders. A good realtor will alert you to any questionable choices that you may be considering.
Can you live with your choice for up to 30 years? This is going to be your home for up to 30 years or more! You can’t afford to, nor do you deserve to, overpay for your loan.