Real estate and mortgages go hand in hand; they related, one of the same and if you’re buying a home chances are you’re going to need a home loan. Having an agent that works in close collaboration with the loan officer helps the entire process work smoother and more cohesive. Many established real estate agents have loan officers they prefer and have worked with for years. I recently talked with a good friend of mine who is a loan office working hand in hand with a good Realtor®.
“I’ve been a loan officer for several years and seen a lot of Realtors and agents and brokers throughout that time. I’ve also fired a lot of those working relationships when they simply don’t put the needs of the client first. I had a deal with a buyer that had an agent for a brief time that would never contact the client, wouldn’t return my phone calls and I eventually just had to drop them as a resource. Finding a good Realtor® that you can count on, will communicate with your client and close the deal is priceless. You want to know that when you turn your client over to the agent, they will take good care of your client, represent them well and communicate the best possible plan all the while saving the money, time and energy.”
I couldn’t agree more. That relationship is priceless and one that can benefit from each other greatly. This is why when your real estate agent suggests a loan officer it will probably be a good deal. Your agent will communicate with the loan officer and help you get a loan that fits your needs. Everyone is different and not every loan will work for each client. With the tight communication between the agent and the officer, they can establish the right program. The agent can explain the transaction. Perhaps it’s a short sale or foreclosure and the buyer needs special financing. Only the agent would know this and can communicate this to the loan officer in order to get the right plan in place.
I can’t tell you how many buyers come to me asking for a loan and really have no idea what they need. The agent knows what the client needs and we can communicate that for the best possible service.
Read more: 5 Tasks to Tackle Before Buying a Home
Staying in communication throughout the process also helps the transaction go smoother. We know when things are closing, the documents needed and any issues along the way. The agent keeps the loan officer in the loop of the transaction and vice versa.
So whether you start first with a loan officer or an agent, ask about the other party and you’ll usually be in good hands. Agents and loan officers working together is an excellent relationship.