Joe  Petrowsky, Your Mortgage Consultant for Life (Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709)

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Rainmaker
2,456,753
Captain Wayne - Rowlett Real Estate School
Rowlett Real Estate School - Panama City, FL
Rowlett Real Estate School / Owner and Instructor

I'm not opposed to learning about other loan products that are available but I do rely on my favorite loan officer.  

Jul 11, 2015 11:50 PM
Rainmaker
1,412,127
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Joe Petrowsky This brings me back to the days when agents had to know the loan products out there. It was part of the qualifying process. I believe a general knowledge of FHA, VA, ARMS, etc. does help. Since buyers have to be pre-approved to get the ball rolling, the loan officers take care of the qualifying today.

Jul 11, 2015 11:23 PM
Rainmaker
822,800
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

The currency in which I trade is SOLUTIONS!

Knowing of loan products that solve BUYER or SELLER issues is important to me. 

As real estate professionals, we should know what those challenges are and be capable of directing our client to the source most likely to deliver a solutions. To reflexively refer everyone to the same sources may be under serving those who place their trust in us.

 

Jul 11, 2015 11:12 PM
Rainmaker
699,027
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

I do not believe I need to understand any of that.  It's not my expertise.

Jul 11, 2015 10:33 PM
Rainmaker
3,504,207
Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

I try to stay on top of things in general, Joe, but really there's so much I need to know in the real estate side of the business and keep up with on a daily basis, I don't have enough time (or room in my brain) to be a pseudo loan officer, as well, and keep up with all those changes. I really need to rely on my favorite loan officers to discuss best options with my clients. And they do.

Jul 11, 2015 10:21 PM
Ambassador
1,532,761
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

I know the major points but leave it up to the pros to do their job.

Jul 12, 2015 12:12 AM
Rainmaker
1,593,353
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Lend Smart Mortgage, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

The more new loan products, the better as long as they are not negative amortization products.

Jul 11, 2015 11:52 PM
Rainmaker
1,321,302
Raymond E. Camp
Howard Hanna Real Estate Services - Ontario, NY
Licensed Real Estate Salesperson Greater Rochester

The main parts are good to know but like all business it is better to rely on an expert.

Jul 11, 2015 11:41 PM
Rainer
150,569
Ed Macias
Real Estate Teammates - Miami, FL
Miami FL-REO Property Management Multifamily

I learn bullet points. It's ever changing and everyone has different needs

Jul 11, 2015 11:36 PM
Rainmaker
3,493,377
Richard Weeks
Dallas, TX
REALTOR®, Broker

I will learn mortgage products when lenders learn this phrase "closing on or before (insert date)"

Jul 11, 2015 11:29 PM
Rainmaker
5,396,627
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

I think most of my team members rely on their "trusted" loan officer to direct us and inform us of the type of program that best suits the client....

Jul 11, 2015 11:13 PM
Rainmaker
1,375,385
Wayne and Jean Marie Zuhl
Samsel & Associates - Clark, NJ
The Last Names You'll Ever Need in Real Estate

We don't offer mortgage advice - that's not our area of expertise. But we know what programs are available.

Jul 11, 2015 11:03 PM
Rainer
66,214
Evelyn M Epperson
Coldwell Banker Residential Brokerage - Johns Creek, GA
A Tradition Of [Excellence, Trust & Service]

No because that is why I have a lender.  He comes to all my buyer consults to educate the buyer.

Jul 13, 2015 11:33 AM
Rainer
2,610
Patrick Jones
Coldwell Banker Residential Brokerage - Atlanta, GA
I am a top Atlanta Realtor in Midtown Atlanta

Joe, 

I feel that it is important to have a really solid handle on the loan products that you work with most frequently in your market. Being a source of information and providing expertise to our clients is of the utmost importance in providing value and seperating yourself from other Realtors out there. However, we are not expeted to be specialists on every single loan product available so building a relationship with a top tier lender is incredibly important in my opinion. I work with a particular lender in the Atlanta market who creates raving fans out of the clients I send to him because he takes the time to educate them and is extremely responsive. He has a team of professionals that area always available to my buyers and they go out of their way to make sure we are all on the same page throughout  the entire process. Having this peace of mind and being able to transfer that calmness to the sellers and listing agent is a great compeitive advantage. My clients see this particualr lender and I as a team that works in tandem to ensure the success of their transaction.   

Jul 13, 2015 07:32 AM
Rainer
2,185
Robin Sodd
KELLSTROM RAY AGENCY INC - Baileys Harbor, WI
I specialize northern Door County properties

I was a mortgage loan officer for almost 30 years in this market so I have a vast knowledge of the loan products and requirements for vacation homes and condominiums. 

Jul 13, 2015 06:06 AM
Rainer
2,660
Dimitry Shamootin
CBC National Bank - Tampa, FL
Mortgage Loan Officer

yes

Jul 13, 2015 04:29 AM
Rainer
1,610
Deter Heuser
Coldwell Banker Sky Ridge Realty - Lake Arrowhead, CA
Broker Serving the Lake Arrowhead area

I try to keep current with my market inventory and rely on my Loan Officer to stay current with recent loan products. We are professionals within out specialties.

Jul 13, 2015 03:42 AM
Rainer
2,310
scott gerni
Clear Choice Homes - Watertown, NY
Selling home for 24 years to the military at Drum

I feel that as a informed real estate professional you should know the basic information of financing especially of what program the home qualifies (VA, FHA or Conventional) No sense in showing a buyer that is looking to purchase a home with a VA loan a fixer upper.

Jul 12, 2015 11:39 PM
Ambassador
4,766,439
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

I would call you if I needed to know onr Joe, gave someone your name yesterday to someone who was looking for special loans for nurses.

 

Jul 12, 2015 02:34 PM
Ambassador
3,713,523
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Joe, the answer is really both.  I rely on a good loan officer and, at the same time, I do try to keep up with the loan products that are out there.

Jul 12, 2015 12:05 PM
Ambassador
4,306,997
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Joe Petrowsky I learn from others here on ActiveRain. It is important for me to understand about more products to help my clients get the best deal.

Jul 12, 2015 08:50 AM
Ambassador
923,296
John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

Joe, nearly everyone I've seen doing real estate AND mortgages fails to excel at either.  There is so much to know and so much work to be done in each respective field, that it makes us a better professional to rely on real estate agents to do their thing, and for them to trust us with our thing --- that being said, some basic knowledge is a good thing for everyone to have.

Jul 12, 2015 07:24 AM
Rainmaker
1,157,329
FN LN
Toronto, ON

The real estate agent should not be expected to know all or most of the loan products that are available.  The buyer should be referred to a suitable number of banks and/or mortgage brokers.

Jul 12, 2015 06:20 AM
Rainmaker
4,798,831
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I'd like to have a general idea of what's out there for my customers.  But, I don't feel I need to have full understanding as I just wouldn't be able to keep up with it all.

Jul 12, 2015 05:44 AM
Rainmaker
3,683,743
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hi Joe -- I like to have a broad and basic knowledge of programs but leave the details to the professionals who can make the best match for each individual client.  

Jul 12, 2015 02:15 AM
Rainer
230,824
Mike Rock
Complete Design - Granite Bay, CA
Granite Bay Luxury New Construction...For Less

while i think you should defer to the expert (as in a home inspection) what if your buyer asks (and they have) what if the home as termites? what will that cost? knowledge of all areas is important to be a hero. In new home building , i know that few agents even know a loan  officer or a company that even offers the product.much less how it is structured. for me Joe, i would say yes. but i like living in the weeds where the nuts and bolts grow.

mike

Jul 12, 2015 01:27 AM
Rainmaker
175,464
Spirit Messingham
Tierra Antigua Realty - Tucson, AZ
Third Generation Full-Time Realtor® 520 471-6900

I work with a couple, making recommendations only for those I have worked for and I know will do a good job.  As a successful buyers agent, a lot of referrals radiate from me including :lender, title, home inspector, termite inspector, roof inspector, and home warranty company (which I get the sellers to pay for).   I always explain a buyer can choose anyone they want, nothing in it for me (RESPA) other than I want someone who will do a good job for them, and they go with my recommendations majority of the time.  To be honest with you, I wish I could find me just one "Spirit" who consistenly referred me like I do for those above.   Meaning, most of those referrals go out, rarely come back in as they do not meet that many buyers. 

Jul 12, 2015 12:09 AM