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Rainer
222,865
Bob Betel
Allstar Home Mortgage, Inc. - Sweetwater, TN
President, Allstar Home Mortgage, Inc

About the same as "What is the lender's role in choosing what home to buy?"

Generally the roles of lender and agent are separate from each other and each one should stay in their lanes. However, that doesn't mean they have a general knowledge of each. They can give their opinions but not take the lead. Have the professions do that for you 

Jan 23, 2020 06:12 AM
Rainmaker
5,571,077
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

selecting the right loan is NOT your job.... but connecting the buyer with the right lender IS.... not all lenders are the same.... there are some we DO NOT US NOW OR EVER IN THE FUTURE.... B of A is on that list.... NOT BUYER FRIENDLY.....

Jan 23, 2020 06:17 AM
Ambassador
1,809,388
Alan May
Jameson Sotheby's International Realty - Evanston, IL
A moving experience!

I give my buyers the names of trusted loan officers with reputable companies that have proven track records.

That's the full extent of my role.

Jan 23, 2020 04:38 AM
Rainmaker
3,316,496
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

It is not really about choosing for them, but letting them know what is available depending on what they want to buy. Working with a good local loan officer helps in that so you can show them how much each loan may save or cost. 

Jan 23, 2020 05:48 AM
Rainmaker
879,501
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

It is about equal to a licensed real estate agent advising a buyer in regards to the right medication for controlling their heart murmur.

Do I really need to go deeper?

I can recommend three lenders but the right loan is not in the qualifications of the real estate agent although we may know about rehab, bridge, balloon, reverse and variable rate.

Jan 23, 2020 05:35 AM
Rainmaker
3,974,987
Richard Weeks
Dallas, TX
REALTOR®, Broker

The buyer would be better served if they help the buyer find the right lender and let the lender help them find the best loan.

Jan 23, 2020 04:40 AM
Rainmaker
507,453
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

We don't choose the loan for them.  They choose their own loan and the lender will give them options.  DO NOT even think about choosing a loan for the buyer, unless if you are a licensed mortgage officer.  Even that, you don't choose for them, you give them options.  The same reason we show them more than one home.   

Jan 23, 2020 08:09 AM
Rainmaker
1,208,162
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

Outside of referring them to Jason E. Gordon ...NONE!

We do not advise on loans unless we want to lose our license.

Jan 23, 2020 07:21 PM
Rainmaker
5,498,747
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Seth,

I cannot improve on perfection and youhave perfect answers.  A

Jan 23, 2020 11:21 AM
Ambassador
5,337,561
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Suggesting a good lender.

Jan 23, 2020 10:01 AM
Rainmaker
468,699
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

Know what loan programs are available so you know what type of property and what location(s). Knowledge is power.

For example there's only one lender in town that will do a rehab loan on a manufactured home. If you don't know that - you're telling the buyer - sorry you can't get a rehab loan on a manufactured home. Or even knowing that there are rehab loans for homes with physical problems that make them not qualify for a conventional loan. Some lenders do rehab, some don't. And even the one's that do, some "like" them and do better at them then others. So if you have a rehab situation it's best to know which loan officers like them and do a lot of them. If you have a good one, they will even have contractors in their book or resources that are willing to take on the job. Not every contractor will mess with how they get paid - rehabs are more work and red tape.

If your buyer has no money and is not a vet - it's good to know that anyone can apply for a zero down USDA loan - but the home has to typically be in a rural setting (outside of city limits). So you better know about the loan and what areas in your service area qualify for the USDA zero down program.

Jan 23, 2020 08:24 AM
Rainmaker
1,710,908
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Helping a buyer "choose" a loan is a liability beyond the realm of an agents job.  You can recommend a few possibilities of those you believe can help them select the right loan for their circumstances.

Jan 23, 2020 07:44 AM
Rainer
311,645
Caroline Gerardo
Sun West Mortgage Corporation - Newport Beach, CA
C. G. Barbeau the Loan Lady nmls 324982

Most agents don't want to be in the mix of this decision. Payment is important, not paying an arm and leg to get the desired payment as most keep the loan 5 years. Don't pay points if you can avoid it is my advice

Jan 23, 2020 09:59 AM
Rainmaker
815,922
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

The best an agent can do is guide the buyer in the direction of a good, informed lending officer, or several, at different banks to find the program that best suits their needs.

Jan 23, 2020 09:24 AM
Rainmaker
6,513,934
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Refer them to a trusted local mortgage loan officer.

Jan 23, 2020 08:38 AM
Rainmaker
553,494
Jason E. Gordon
AmeriFirst Financial Inc, San Diego, CA - San Diego, CA
Sr Loan Officer, CMA, CMPS, CDLP, CDRE, RCSD, CDPE

Best for us professionals to "stay in our lane" with regards to division of duties. I'd recommend the Real Estate Agent diligently pursue a strong relationship with a Trusted Lender, and then let that Lender do his/her job (which includes selecting the loan program, structure, etc.).

Jan 23, 2020 07:46 PM
Ambassador
3,031,330
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

I love Bob Betel answer.  What else can be added to that!? Nuttin!

Jan 23, 2020 09:06 AM
Rainmaker
982,700
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

I introduce clients to a handful of local lenders.

Jan 25, 2020 06:15 AM
Rainmaker
637,572
Tony Lewis
RE/MAX of Valencia (Hall of Fame) 30 year Valencia Resident - Valencia, CA
Summit Real Estate Santa Clarita & Aliso Viejo

Share experience from the past and give ample referrals.

Jan 24, 2020 03:22 PM
Rainmaker
889,597
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

My role is to help my buyer find a quality lender who will provide the right loan.

Jan 24, 2020 06:38 AM
Rainmaker
1,384,924
Wayne Zuhl
Remax First Realty II - Cranford, NJ
The Last Name You'll Ever Need in Real Estate

I'm unqualified to help in that way.

Jan 24, 2020 03:14 AM