I often hear, “Bill, I have a mortgage guy. I don’t need a referral.” This is not music to my ears. While most mortgage loan officers (as they are known professionally vs. a broker) are more than capable at their craft, a small minority are not. And Mortage Loan Officers are not one size fits all. So choosing the right mortgage broker is essential to your individual situation. And understanding these nuances is part of my role.
This Actually Happened
Allow me to share a story that happened recently.
One day I received an incoming call from Zillow. This is no surprise as I am a Zillow Premier Agent. The call was from a buyer who was interested in a condo in Hull, MA. In this busy market, it took us a bit to find her the condo that met her criteria. But we stuck to our task and her criteria and we found her “the right one”, the right condo. Then we navigated the ensuing multiple offer scenario to earn her the winning offer. Of course, in the process, I inquired about her ability to finance the purchase. I was presented with a pre-approval from a local lender, a lender where she did her banking. Her loan officer appeared perfectly competent. With one exception. Her math in how she prequalified the buyer was off, so she had the buyer thinking she could purchase more than was actually possible. This was a problem. The buyer’s loan was denied.
Know Your Client
And this is where an understanding of who your buyer client is, and what their objectives are in regards to real estate. Then you have to match this data with a loan officer who has both the lending experience and products to meet your client’s needs. This is how choosing the right mortgage broker can make a world of difference. I was able to take the client from above and introduce her to a loan officer with the right experience and products to get my buyer client approved for the loan she needed to purchase the condo she coveted. Remember, the loan officer she selected on her own was an epic failure.
One Size Does Not Fit All
You see, not all lenders are the same. And not all lenders have the same loan products. I work with several loan officers and depending upon my client’s needs, I will make different referrals. So, if you are looking for a construction loan, I have a person for that. If you are looking for a plain vanilla conforming loan, I have a lender for that. I even have a great lender for downsizers. They have a loan product that helps preserve cash on the purchase for those older than 62 years of age. I am in the business of helping people get into the home they desire. So in helping you in choosing the right mortgage broker, I can help get you to the closing table faster and with less stress.
For nearly 15 years I have been helping buyers and sellers chase their real estate dreams. And in many cases, understanding how financing plays a role in the transaction defines how smoothly the transaction can proceed. My role is usually much more than the person who guides you through a home. I guide you through a transaction. And a transaction with lots of moving parts and people. My role is to keep it simple and moving forward without issue. Call me to learn more about how I can help you.