What questions should a Realtor ask a loan officer?

What questions should a real estate agent ask a lender?

Ask these 10 questions below to get a sense of who’s right for you.

  • What types of home loans do you offer? …
  • What type of mortgage is best for me? …
  • What are your closing costs? …
  • How much time do you need to complete a mortgage? …
  • Do you do underwriting in-house? …
  • What documents do I need?

What questions does a loan officer ask for?

Mortgage Loan Questions You Should Be Prepared to Answer

  • What do you value as you look for a mortgage?
  • How long do you plan to stay in your house once you purchase?
  • How much do you have saved for a down payment?
  • What is your basic monthly income?
  • What are your regular monthly expenses?

What do Realtors want from lenders?

Real estate professionals only want to work with lending partners with a proven track record whom they can trust to help clients get what they need to close on time.

What should I not tell a loan officer?

10 things NOT to say to your mortgage lender

  • 1) Anything Untruthful. …
  • 2) What’s the most I can borrow? …
  • 3) I forgot to pay that bill again. …
  • 4) Check out my new credit cards! …
  • 5) Which credit card ISN’T maxed out? …
  • 6) Changing jobs annually is my specialty. …
  • 7) This salary job isn’t for me, I’m going to commission-based.
IMPORTANT:  You asked: How do you sell a house with bad conditions?

Does the realtor communicate with the lender?

Lenders and realtors should always be in communication. Both of these people should always keep your best interests in mind.

Can listing agent talk to buyers lender?

It is not uncommon for a listing agent to call the lender to get more information from the lender about the buyer. Kilstrom stated, “The lender has a fiduciary responsibility to protect the buyer’s financial information. However, they can reveal the same information already on the pre-qualification form.

Do loan companies check your bank account?

Yes, a mortgage lender will look at any depository accounts on your bank statements — including checking and savings — as well as any open lines of credit.

What is the best reason to give when applying for a personal loan?

Reasons for taking out a personal loan

If you lose your job, get your work hours reduced or have an emergency medical bill, a personal loan can meet your needs in the short term. Debt consolidation: You can save money on interest payments when you consolidate high-interest credit card debt with a personal loan.

What questions might the bank ask you before giving you a loan?

Top 10 Questions to Ask When Getting a Loan

  • How much should I borrow? …
  • How long will it take to get the money? …
  • What do I need to take out a loan? …
  • How do I know what my current credit score is? …
  • What is the interest rate on the loan? …
  • How does the loan repayment work? …
  • What is the term of the loan? …
  • Are there any fees?
IMPORTANT:  You asked: Does real estate make good money?

How do you win over a realtor?

How to Market to Realtors as a Loan Officer

  1. Marketing to Realtors is About Building Relationships. …
  2. Email Marketing is a Good Way to Stay in Touch. …
  3. Social Media Marketing Expands Everyone’s Reach. …
  4. Open Houses are an Opportunity to Meet Realtors Face to Face. …
  5. Co-Branded Marketing Makes THEM Look Good.

What is a Preferred Lender?

What exactly is a preferred lender? A preferred lender is pretty much what you probably think it is — some entity’s preference for a buyer to go through a particular mortgage company for financing. Homebuilders and sellers can have preferred lenders, as well as real estate agents.

Why do agents have preferred lenders?

Some agents choose their preferred lenders because they get deals closed quickly and reliably. That’s also good for buyers, but the missing element in this equation is the loan cost. The in-house lender may feel that they have you “buttoned up” as a customer. They may feel they no competition for your business.