Loan hassle?

Question

I recently went to buy a home. The agent I worked with really forced the in-house lender down my throat. I guess they make more money that way...anyhow, it was very frustrating. My cousin is a mortgage guy and can get really good rates for me. Anyone else have this problem? What can I do about it

Answer 1

complain to your local board of realtors. it is against the law for a realtor to force you to use any particular vendor, that includes mortgage companies, inspectors etc...

Answer 2

While I agree that ditching the Realtor is the best idea, you may have signed a contract which will make this difficult.

But nothing stops you from just ignoring your Realtor and going to whomever you want for the mortgage. My advice is go to both and originators and see what each can offer. Shopping around is free. It might be that the Realtor's person does get you the better offer. But in the very likely event the Realtor's person doesn't get you the best deal, you can at least tell the Realtor you tried.

BUT - take this from an industry cog. Behind the scenes, the Loan Originator will be pissed at the Realtor, thinking that the Realtor wasted the LO's time and money. (The LO had to pay for the credit report, automated underwriting run, and clerical costs.) The Realtor will be pissed that the LO didn't get the person the best loan. It will be a strain on their relationship. You will have gotten your revenge on their collusion while still appearing to have taken the high road!

Answer 3

Ditch the realtor. They can and do make money. Hey, everyone is working for a living, but come on. What compensation is he offering you to work with his guy. BTW, I work with some people who don't always treat their family and friends to what I would consider the best deal. I mean they treat them better than their regular customers, but they make twice as much as I do off of family and friends. It won't hurt to shop - but if they are really really forcing something at you I would question why...

Get two GFEs. If you have problems reading them or reconciling them, please post additional questions. I'm not here to say no one can make a living, but geez if you are using your realtors guy or your cousin - you should be able to get a VERY fair deal.

Regards,

Joe...

Answer 4

I think you should stand up for your self. Tell them you want to use your family. Ask him how he would feel if his family used another Realtor besides him. He would be pissed, so why should he expect you not to use family.
I never force a lender on anyone, if something goes wrong with the loan, i don't want to be the one blamed. You have every legal right to use what ever lender you want, don't let him bully you,
Good luck
RE Agent,
Remax

Answer 5

Simple. Get a quote from your cousin. The agent can't do anything about it unless you signed some kind of exclusive agreement, which even then could have an "out" clause if you're not happy.