2007-07-20 06:06:18 · 17 answers · asked by biggphillie2000 1 in Business & Finance ➔ Renting & Real Estate
Both. A mortgage broker will help, broker a mortgage, or the good ones will also advise on which type of mortgage will be better for you. A realtor will help you search for your home, run through hoops, etc. Son't always use realtor that has listed a house, though, sometimes it is better to 'have your own.'
We used both a mortgage broker and a realtor 'of our own', since we really didn't know much about the mortgage intricacies, and we both didn't have the time nor nerve to negotiate and buy a home on our own.
Two good books you might try and read through thoroughly are the 'Dummies' books, Mortgages for Dummies, and Home-buying for Dummies'. These are easy-to-read, user-friendly books that we used as bibles for our home-search, and helped us understand everything, plus also gave us pointers on what to ask for with regards to our broker and realtor.
2007-07-20 06:12:31 · answer #1 · answered by bethanne 6 · 1⤊ 0⤋
Neither! Well...kind of.
I agree with a previous poster that you don't need a mortgage broker if you have good credit. Go directly to a few banks and skip the middle man.
As for a realtor: If you're looking for a house in a fairly large city you can do your own research by checking out the MLS (multiple listing service) listings on the internet. Find a house on the MLS listing you would like to see, call the broker and schedule an appointment. After you view the house inform the broker of the specific type of house you are looking for and ask to see any houses he/she may have as an "exclusive". (This means they would not list it on the MLS.) Do this for various brokers around your area. This way you'll have many brokers helping you find your new home.
2007-07-20 07:59:06 · answer #2 · answered by Flaming Mask Guy 3 · 1⤊ 0⤋
Use both. A realtor will help you search for and find the right home & will help you negotiate the price and contract with the seller. A mortgage broker will help you get a mortgage to finance your purchase. See a mortgage broker first to determine what price you qualify to buy. Then tell a realtor what your price range is. Happy hunting!
2007-07-20 06:47:00 · answer #3 · answered by kathy p 1 · 0⤊ 0⤋
Here is a tip that can make your process go smooth. Get with the broker first, have him refer a realtor to you after he has pre-approved you. The reason why is and this is unfortunate, most realtors not currently on the brokers friendly lists will try to pull their own broker into the deal and this causes problems for both sides. When a Broker and Realtor are currently working together on this transaction the situation runs well for all parties. I have seen countless times a realtor not familiar with a particular broker will go in, set a closing date and never speak to the broker about it. In reality, the deal gets pushed back, contracts have to be extended and then who do they blame? The broker. He is the one with the money, not the realtor, they are selling a house.
Trust me on this one.
2007-07-20 06:19:23 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Our mortgage broker suggested a realtor to use to find the house.
Get a mortgage broker first, and then if you want to do the searching yourself, your mortgage broker can help with the contracts, and you may be able to use this as leverage to lower your purchase price (by the commission amount to the realtor)
Talk to your broker though, they can give you all the ins and outs.
2007-07-20 06:10:34 · answer #5 · answered by teamlessbear 4 · 1⤊ 0⤋
The mortgage broker to help me get a mortgage and the Realtor to help me find a home. I would use both.
2007-07-20 06:09:20 · answer #6 · answered by glenn 7 · 1⤊ 0⤋
Can you be a real estate agent selling a house to your client then turn around and help them with purchasing a mortgage on the house because you are a mortgage broker too? I know someone who is doing this. When the real estate agent / mortgage broker doesn't feel comfortable enough then he allows one of the other brokers or loan officers from his office, to split the deal with him. They also own the title company. So its a one stop shop and they make money on every end. I didn't know this was allowed.
2014-03-06 18:15:44 · answer #7 · answered by Trisha 2 · 0⤊ 0⤋
They do two different jobs, so you'll need one of each! The mortgage broker get your loan, the realtor finds the house and does the offer paperwork.
Good luck!
2007-07-20 06:09:45 · answer #8 · answered by JQ 4 · 1⤊ 0⤋
You're gonna need both. A real estate broker to handle the transfer of the deed, title search, etc., and a mortgage broker or some other lending agency to help you finance the purchase. They go hand in hand.
2007-07-20 06:29:52 · answer #9 · answered by ? 5 · 0⤊ 0⤋
You need BOTH. The realtor's job is to work with you to find the property which you wish to purchase. The mortgage broker's job is to procure financing for you.
2007-07-20 06:14:44 · answer #10 · answered by acermill 7 · 0⤊ 0⤋