Can a realtor make you use their lender?
Your agent could ask you to get pre-qualified or pre-approved with the in-house lender before home shopping. … You’re not obligated to finance your purchase with that lender, and no builder or seller can force you to use an in-house or preferred lender.
Can listing agent talk to 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.
Should your realtor talk to your lender?
Of course, it’s totally OK to trust the referral of a Realtor, but you should also do your own homework to make sure you’re getting the best deal. Before you start the homebuying process, your first phone call should be to a loan officer to determine what you can afford and get you pre-approved for that amount.
What is a lender referral?
When a real estate agent or builder sends a borrower to a lender and receives something of value in exchange, the lender is the recipient, and the benefit provided to the agent is the referral fee.
Why you shouldn’t use the builder’s lender?
The referral fees, or kickbacks, they engage in with the “builder’s lender” is not okay. It costs you money and it’s illegal per the The Real Estate Settlement and Procedures Act (RESPA). … Settlement costs are as swollen today as ever and referral power of builders remains unchecked.
Is it better to be a loan officer or a Realtor?
Loan officers work in the financial industry while real estate agents, also known as real estate sales agents, work in sales. Loan officers require more formal postsecondary training, earn a notably higher salary than real estate agents and currently have better job prospects due to a faster job growth rate.
Can a Realtor ask for financial information?
A real estate agent never needs to know your salary or your credit score and never needs to see your pay stubs, your tax returns, or your financial statements. Only your lender will ask you such questions and request financial documents.
Do sellers care who your lender is?
Here are some of the main reasons a seller might care who your lender is: If the lender is local and has a great reputation in the community, this could provide more peace of mind for the seller(s) and their agent.
What is the salary for real estate agents?
The median annual pay for real estate agents was $48,930 in 2019, according to the most recent data available from the U.S Bureau of Labor Statistics.
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.
When should you reach out to a realtor?
Once you are about 4-6 months from your target closing date it is time to meet with your agent, more clearly define what you are looking for and start actively looking… also get your financing pre-approval. Average time to find a home is about 3 months, plus another 1-2 months from purchase agreement to closing.
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.