How Does Your Loan Officer Work With Your Realtor?
It’s necessary to understand how your Loan Officer and Real Estate Agent collaborate. This blog will provide you with further information.
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Let us say, you have done the due diligence, vetted all aspects of property buying, saved up for the down payment, zeroed in on your preferred location, and now you know what your next step would look like.
You plan to find a lender and the best real estate agent. But do you know how your realtor and loan officer work with each other to help you? In this blog, you will get an idea of how your loan officer will work with your realtor to take your property buying initiative forward.
The realtor and loan officer work together to help you buy a home. There must be a synergy and mutual trust in their relationship. Both parties must work as partners and align their goals to help your property buying. You need to know a few things that will help you manage your realtor and the loan officer effectively. Here are some basic considerations associated with your loan officer and realtor.
Which approach is better – Talk to a loan officer first or your realtor?
While it is crucial to talk to a realtor about the property you are looking to buy, we recommend you find a loan officer first. Why? Because a loan officer will let you know how much money you need to put aside as the down payment and how much mortgage can the loan officer approve for the property.
A loan officer can update you with the monthly payments, closing costs, and other fees related to buying a home. The first step is always to get the mortgage pre-approval from the lender.
How can a realtor help simplify property-related transactions?
A qualified realtor can resolve many issues for a buyer. A realtor can actively contribute to your home search in your preferred neighborhood. The realtor helps protect your property buying by ensuring all the sales, agreements, contracts, and regulatory compliances are in place.
Please note that there is a certain inherent risk to deal with the realtor and loan officer. Many realtors and loan officers work closely to benefit each other, and in the bargain, you may lose in the deal.
They may compel you to go with a specific lender of their choice. However, our advice would be, you must exercise your right and freedom to choose the lender after researching and gathering information from the market.
How can you benefit from the lender-agent-realtor relationship?
You, your loan officer, and the realtor must work in synergy as a team. With effective and unambiguous communication, you can build trust among the team members. This trust is crucial for a successful deal. You need to set realistic expectations about what you want and how you want dealings to take place, right at the outset. This enables the team to follow the correct approach to achieve mutual goals.
You need to ensure you, your realtor, and the loan officers are working in tandem and aligned with your goal. You must take control to prevent internal conflicts between a realtor and loan officer. If there is any, for your good, you must resolve all issues proactively, or else things will not be in your favor. Sometimes, you may have to cancel the deal if the need arises and move on.
You got a brief idea about how the partnership between the realtor and loan officer work. There is certainly no issue approaching the loan officer or lender referred by your realtor. You are better off if you have a pre-approved mortgage before searching for your dream house.
Are you new to the home-buying process? Are you planning to purchase a home for the first time? You may go through the ‘First-time home buyer’s guide’ to access the information for buying a home for the first time.
