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When Your Realtor®
Refers A Lender
“I’M CURRENTLY
SHOPPING FOR A NEW HOME AND MY REALTOR®
HAS RECOMMENDED I USE A SPECIFIC MORTGAGE COMPANY. SINCE I’VE USED
ANOTHER LENDER TWICE IN THE PAST (THE SAME LENDER), SHOULD I TAKE MY
REALTOR’S®
ADVICE?”
Although you are under no obligation to
use the lender recommended to you by your Realtor®,
it would be wise for you to at least set up an appointment with the
other lender and talk with them. Often, Realtors®
work together with certain lenders, real estate attorneys, home
inspectors, and other professionals for a variety of reasons. With
lenders and Realtors®, sometimes the relationship is business-related
(both companies have agreed to work together, sometimes called a
“preferred” lender), but other times a Realtor® will suggest a lender
simply because they’ve used them in the past and they recommend their
services due to reliability, cost, customer service, etc. Like with all
kinds of services, personal referrals are often very rewarding. Make
sure you ask your Realtor®
about their relationship with the lender and ask them if the lender’s
services would be in line with your needs as a home-buyer. Although it’s
always best to shop around for the best mortgage deal, you should
definitely consider any professional referral—especially from your
Realtor®.
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