I have had a few scarey situations with random online lenders that buyers have chosen.
They were made to believe they would save money, and that is why they decided to work with a stranger.
Now, it is completely up to the buyer who they want to use. It is normal to want to save yourself as much money as possible. However, you are taking a huge risk if you don't have a personal recommendation for a lender.
One reason you may want to at least speak with the lender (s) your Realtor suggests is because those lenders want us to continue to refer to them, so they are "on their toes" with our clients. It is a built in accountability when there is a proven relationship of success.
Rest assured, your Realtor is not getting any kind of financial perk by recommending a lender. That is simply not allowed. Their reward comes when you recieve the service you deserve on your biggest purchase.
Be sure you have actual references when choosing a Realtor and a lender.
Interview them, ask questions. See who you communicate well with and who gives you the time of day. Ask your parents, mentors, and experienced home buyers who they recommend. There are some things that are worth more than potentially saving a few bucks.
BethAnn Long ~ Spokane Realtor- Coldwell Banker Tomlinson South Inc.
509-362-4607
...there's no place like your home!
I have found that a few people want to stay anonymous... they don't want a lender that is associated with an agent that they may know.. as they may not want their financial information known to them. This does happen, though it is a small percentage... Even with them, I think they would be better off using someone that is recommended that they can trust...
I am struggling right now with a deal where the buyers used their lender and it is driving me crazy.
Lets hope ANY AND ALL lenders keep things CONFIDENTIAL! MINE DO!
Beth Ann
I have seen a lot of lenders come and go . Thjere are a handful that are still in business locally after 20 plus years. There is a good reason....great service.
Lenders face tough challenges. The landscape of the world is changing. It's harder for American lenders to find money than it is for a man with a metal detector to find civil war musket balls.